Cryptocurrency expert says bitcoin will hit bottom this Friday

Tom DeMark, analyst, CEO of DeMark Analytics and developer of the DeMARK Indicators library, expects the downward rally in cryptocurrencies to reverse by the end of this week or early next week. DeMark has published data from its own sequential counting indicator, which shows the end of local trends, helps to suggest the moment of trend decay and a possible reversal.

According to the CEO of DeMark Analytics, for BTC $60,856.92 Bitcoin -2.74% Market capitalization $1.2 trillion VOL. 24 hours $1.35 billion , the countdown to a new high will begin on Friday when the flagship cryptocurrency reaches the bottom. DeMark is convinced that by the end of the week, bitcoin will be trading at $ 14,877.

It is worth noting that a few hours earlier, the US dollar rose by 5.9% after the publication of inflation data in the US — the inflation rate for October was 7.7%, up 0.4% over the month. This figure was unexpectedly positive, as analysts had expected 8%. The data released by the US Bureau of Labor Statistics affected most of the cryptocurrencies in the top 20 ranking.