Dan Gambardello predicts a bullish trend for Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) in the current cryptocurrency market.
Crypto Analyst On The Bitcoin Rally
Dan Gambardello took to his official X (formerly Twitter) handle to share his bullish about the three major cryptocurrencies. The analyst post was accompanied by a video where he explained why he is bullish on these three coins.
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 has a short-term upside target of about $42,000.
But regardless of whether the market leader hits this threshold, he believes there might be a correction. His warning of a correction is due to the overbought territory the crypto asset has entered.
Additionally, he revealed that the impending correction of BTC would resemble past price movements. He further asserted 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, it would signal the beginning of a new phase for the market when it takes place.
Gambardello also expressed his confidence about the next bull run, believing it to be imminent. He noted that the worst bearish trends for Bitcoin ended in January this year and have played out “quite well” ever since.
However, he asserted that crypto market consistency might not have played perfectly, but it has been pretty close to being “accurate” in terms of what the cycles have been doing. He stated:
In this macro piece of data I charted in 2018, BTC was like $3,500 or so. And this was my approach to the macrocycles of crypto. And has it played out perfectly? it has not been perfect, but it has been extremely close to on point, in terms of what these cycles are doing.
Dan Gambardello On Ethereum (ETH) And Cardano (ADA)
Gambardallo believes that the Ethereum trend appears to be different from that of BTC. He highlighted an ascending triangle for the crypto asset, which could see ETH reaching about the $4,000 price mark. He also highlighted a critical resistance level for ETH, around $2,270, on its chart.
So far, he believes ETH could surge to $3,000 if it can break above this level in the next few weeks. However, he further urges the cryptocurrency community to be prepared for a huge crash 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 surge to $0.45. Also, his longer-term price stance for ADA is between the $0.80 and $0.85 range.
Featured image by iStock, chart by Tradingview.com
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