Tom Demark: Bitcoin can reach the bottom this Friday – Bits Media

The cost of cryptocurrencies is rapidly falling due to failures in the work of the FTX exchange. However, market analysts suggest, that the rebound can happen at the end of the week.

Technical analyst, DEMARK ANALYTICS General Director and creator Demark Indicators Tom Demark (Tom DeMark) expects a change in the descending rally of cryptocurrencies by the end of this or the beginning of the next week.

To argue his assumption, Demark relies on the data of his own indicator of the sequential calculation TD Sequential, which shows the completion of local trends, helps to assume the moment of attenuation of the trend and the possible moment of turning.

Demark said, that the cost of bitcoin early morning on Thursday, 10 November, Grown on 6%, to $16 698, After a recent fall to $15 788. BTC decreased on 22% Compared to last week and fell on 76% Compared to the peak of November 2021 of the year.

For bitcoin, this reference signal, The peak of which can be achieved by Friday. Demark convinced, that its previously established forecast of BTC reduction to a level of $ 14,877 can also be reached by Friday:

“However, there is a lower, but an unlikely forecast of BTC price reduction at the level $12 600 dollars, If the volatility of the market within one or two days will become extreme ".

Financial problems
FTX exchanges, which for a long time was one of the leaders in the trade of crypto actures, They led to that, that the market for crypto assets in a day has lost more $100 billion, And the cost of BTC has dropped to a two -year minimum.