Bitcoin continues to capture the spotlight as analysts share their insights on the current market dynamics. Recently, Dam Gambardello, a well-regarded market expert
Bitcoin is currently going through a critical test on its daily trading chart, as it attempts to hold support at the 50-day moving average. This level has been a key determinant of Bitcoin’s short-term trajectory in the past. If Bitcoin can hold above this zone, it could signal a potential turning point in sentiment.
According to Dam Gambardello, a renowned market expert, Bitcoin may be nearing its last major dip. Gambardello points to the lower trend line of a falling wedge formation on the Bitcoin chart as another crucial indicator. He believes that even if Bitcoin touches this trend line, it could be a final test before a more substantial recovery. After six months of consolidation, the expert feels confident that this dip may mark the last significant downturn for Bitcoin.
Supporting his optimistic outlook, Gambardello highlights a recent bullish crossover of the 20-day moving average above the 50-day moving average. This technical pattern is often seen as a strong indication of a bullish trend, suggesting that upward momentum may soon follow.
Additionally, the relative strength index (RSI) on the six-hour chart is showing signs of being oversold, a condition frequently viewed as a bullish signal. This development implies that Bitcoin could be approaching a bottom, potentially leading to a notable price rebound in the near future.
However, there remains the possibility of a decline into a critical Fibonacci support zone, which spans between $58,000 and $55,500. Analysts warn that if Bitcoin continues to falter, the $50,000 mark could serve as a crucial threshold for a final capitulation event. Such a scenario would indicate that Bitcoin is oversold on shorter-term charts, paving the way for a subsequent recovery.
Despite the uncertainty in the short term, Gambardello’s long-term outlook for Bitcoin remains bullish. He notes that the ongoing Bitcoin halving cycle in 2024 is being closely monitored, especially since previous halving events have historically led to significant price increases. The expert suggests that, despite current fears in the market, Bitcoin could close out October on a positive note, buoyed by its overall bullish macro trend.
Gambardello points to historical data that reinforces this perspective. Following a positive close in September, projections indicate that Bitcoin might surpass $100,000 by the end of the year. Specific forecasts suggest potential price points of around $80,518 for October, with an ambitious target of $106,718 for December.
As the cryptocurrency market remains volatile, Bitcoin’s performance in the coming weeks will be closely watched by investors and analysts alike. While the possibility of a final dip looms, the indicators suggest a potential turnaround may not be far off. With historical trends in mind and critical support levels being tested, investors are urged to stay informed and prepared for the fluctuations ahead.