Bitcoin (BTC) appears to be on the verge of a comeback, according to crypto analyst Ali Martinez. In a recent strategy session, Martinez revealed that the Tom DeMark (TD) Sequential indicator is flashing a buy signal on Bitcoin’s one-hour chart. This indicator is commonly used by traders to identify potential reversal points for an asset.

Martinez pointed out that historically, Bitcoin has experienced a strong recovery in July following a rough month of June. He stated, “When Bitcoin has had a negative June in the past, it tends to bounce back strongly in July. On average, BTC has seen a return of 7.98% and a median return of 9.60% during this month.”

However, Martinez also highlighted that based on current futures positions, there is a possibility that Bitcoin’s dip is not yet over. He noted that while Bitcoin’s price action has been brutal, only $280.9 million in long positions have been liquidated, along with $25.4 million in shorts. In the past, there have been mass liquidation events of over $1 billion, indicating that either the dip is not yet finished or shorts are about to face significant losses.

As of now, Bitcoin is trading at $57,534, representing a 4.8% decrease in the last 24 hours. On July 1st, it was trading at $63,322.

It’s important to note that the opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.