Crypto analyst Dan Gambardello has shared a bullish outlook for Bitcoin’s future. In a YouTube video, he predicts BTC could surge $100K or higher. Gambardello bases his forecast on technical analysis, historical patterns, and upcoming macro events. His analysis focuses on key moving averages and potential price patterns forming in the charts.
Bitcoin Setting Up For Parabolic Move…Intro 00:00Bullish White House in play! 00:30Big BTC weekly move 4:05$100k+ Bitcoin target 7:50Bitcoin daily price action 9:35 pic.twitter.com/r2CA8lGtBf
— Dan Gambardello (@cryptorecruitr) July 16, 2024
Gambardello cites Bitcoin’s close above the 50-day moving average as a positive sign. He notes this is the first time Bitcoin has achieved this since May.
Additionally, the analyst identifies a potential cup and handle pattern on the weekly chart. This pattern, if confirmed, could suggest an upside potential.
Bitcoin Price Forecast and Analysis
“We’re going to talk about really nice targets. I’m talking about 100,000 plus targets to the upside,” Gambardello states in his video. He elaborates on two potential price targets based on different measurement techniques: $120K and $250K. However, the analyst remains cautious about the higher end of this range.
Gambardello emphasizes the importance of the 20-week moving average (20we) in his analysis. He explains that historically, Bitcoin has maintained support above this level during bull markets following halving events. However, the current cycle has deviated from this trend, with Bitcoin dipping below the 20we.
Despite this deviation, Gambardello remains optimistic. He cites other indicators and onchain metrics that support a bullish outlook. The analyst emphasizes the need for Bitcoin holding support above key moving averages, including the 50, 20, and 200.
Macro Events and Market Sentiment
Gambardello highlights several macro events that could impact Bitcoin’s price. He points to the upcoming Bitcoin halving in April as a historically bullish event. “Every halving post halving crypto has gone parabolic,” he notes, referring to past price movements following these events.
The analyst also discusses the potential influence of politics on the crypto market. He mentions Donald Trump’s participation in the Bitcoin 2024 conference and the possibility of an administration that favors crypto. Gambardello suggests these developments could favor Bitcoin and the broader crypto industry.
Gambardello touches on the regulatory sector, particularly criticizing SEC Chair Gary Gensler’s approach. He cites JD Vance’s critical view of Gensler’s regulatory stance on crypto. The analyst suggests that a friendly regulatory environment could further boost Bitcoin’s prospects.
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A Cautious But Optimistic BTC Perception
While being bullish, Gambardello acknowledges the potential for volatility in the short term. He advises to monitor Bitcoin’s behavior around key support levels. The analyst also discusses the RSI, noting that BTC has cooled down and may be primed for an upward move.
Gambardello concludes his analysis with a strong bullish sentiment for Bitcoin’s future. He emphasizes the importance of considering both technical indicators and macro events when assessing Bitcoin’s potential. The analyst encourages ongoing monitoring of market conditions to stay informed about potential price movements.
While Gambardello’s prediction of Bitcoin reaching $100,000 or higher is certainly optimistic, he bases it on detailed technical analysis and consideration of broader market factors.
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