Dan Gambardello, a crypto analyst, and trader has pointed out the current Bitcoin Price chart and the future trends. His assessment is based on a pattern – a symmetrical triangle – which can be discerned on the BTC daily chart.
This pattern, typically a continuation indicator, suggests a price move may be imminent. Gambardello highlighted two converging trend lines forming the triangle.
The upper line connects lower highs, while the lower line links higher lows. As these lines converge, they create pressure for a potential breakout.
The triangle’s apex is projected to occur around late November 2024. However, Gambardello noted that a breakout could happen before or after this date.
Historical data shows that such patterns often precede major price movements in Bitcoin.
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Comparing Current Bitcoin and Past Cycles
The analyst drew parallels between the current market cycle and previous post-halving periods. Bitcoin’s behavior mirrors past cycles, strengthening the case for an impending significant price movement.
Gambardello pointed out that Bitcoin is about 60% through the symmetrical triangle, aligning with timing in previous cycles.
Key Indicators and Technical Data
Bitcoin dominance trends also factor into Gambardello’s analysis. He noted that in past cycles, a drop in Bitcoin dominance coincided with altcoin season onset.
The current pattern suggests this shift could occur soon, potentially triggering an altcoin rally while Bitcoin breaks out upwards. On the monthly chart, the momentum oscillator shows Bitcoin as slightly overbought.
However, Gambardello explained that this is typical before halving events. He also observed that unlike previous cycles, a parabolic bull market hasn’t occurred yet.
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Potential Price Scenarios
Gambardello outlined two main scenarios for Bitcoin’s price movement. In a bullish scenario, Bitcoin could break upwards from the triangle, potentially pushing toward or beyond $100k.
Conversely, a bearish scenario might see Bitcoin testing lower support levels around $55k. The analyst also mentioned the possibility of a “busted pattern.”
In this scenario, Bitcoin might briefly dip below the triangle’s lower trend line before recovering and breaking out upwards. This could lead to market confusion and increased volatility.
On a macro level, Gambardello identified an inverse head and shoulders pattern forming on Bitcoin’s weekly chart. This bullish reversal indicator could coincide with the symmetrical triangle breakout, potentially leading to a substantial price increase.
Cautionary Notes
Despite strong technical indicators, Gambardello emphasized the need for caution. He expressed concern about the apparent predictability of Bitcoin’s cycles, stating,
“Could it really be this simple? The consistency again is like, could it be that simple?”
The analyst advises on how to be ready for positive and negative outcomes. The lower trend line near $55k and the higher trend line around $56k to $58k are levels worth noting.
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