Dan Gambardello predicts an uptrend for bitcoin (btc), ethereum (eth), and Cardano (ADA) in the current cryptocurrency market.
crypto analyst on bitcoin rally
Dan Gambardello took to his official X account (formerly Twitter) to share He is bullish on the three major cryptocurrencies. The analyst's post was accompanied by a video where he explained why he is bullish on these three currencies.
According to the analyst, positive setups have appeared on the charts of all three cryptocurrencies. At the beginning of the video, Gambardello stated that he believes bitcoin It has a short-term bullish target of around $42,000.
But regardless of whether the market leader reaches that threshold, he believes there could be a correction. His warning of a correction is due to the overbought territory the crypto asset has entered.
Furthermore, he revealed that the impending btc correction would resemble past price movements. He further stated that the asset would make this adjustment a “common move.”
The analyst also discussed the potential for bitcoin to consolidate near the $42,000 resistance level. According to the analyst, this would mark the beginning of a new stage for the market when it carried out.
Gambardello also expressed his confidence in the next bull run, considering it imminent. He noted that the worst bearish trends for bitcoin ended in January of this year and have developed “pretty well” since then.
However, he stated that cryptocurrency market consistency might not have worked perfectly, but it has been pretty close to being “accurate” in terms of what the cycles have been doing. He stated:
In this macro data I plotted in 2018, btc was around $3,500. And this was my approach to cryptocurrency macrocycles. And it turned out perfect? It hasn't been perfect, but it's been very close to the point in terms of what these cycles are doing.
Dan Gambardello on ethereum (eth) and Cardano (ADA)
Gambardallo believes that the ethereum The trend seems to be different from that of btc. He highlighted an ascending triangle for the cryptoasset, which could see eth reach around the $4,000 price. It also highlighted a critical resistance level for eth, around $2,270, on its chart.
So far, he believes that eth could rise to $3,000 if it manages to break above this level in the coming weeks. However, he further urges the cryptocurrency community to be prepared for a big drop when this happens.
For ADA, the analyst has highlighted an ascending triangle for the asset with quite a few resistance levels. He projected that if ADA breaks out in the coming days, the cryptocurrency would rise to $0.45. Furthermore, its long-term price stance for ADA is between $0.80 and $0.85.
Featured image from iStock, chart from Tradingview.com
