In a recent video update, Dan Gambardello, the founder of Crypto Capital Venture and a well-known crypto analyst, shared his insights on the current state of Bitcoin. According to Gambardello, Bitcoin has gone into ‘beast mode’, showing significant bullish trends that are exciting for investors and enthusiasts alike.
Gambardello started his analysis by looking at the weekly chart of Bitcoin. He pointed out that Bitcoin was not long ago trending below key moving averages, specifically the 200-week and 20-week moving averages. However, Bitcoin has recently bounced off key daily areas and is now getting some nice separation from these averages, with five days still left on the weekly candle.
The crypto analyst also discussed the bullish narratives surrounding Bitcoin. He mentioned the SEC’s actions against certain altcoins, which could potentially give some leverage to Bitcoin. Additionally, the numerous BTC ETF applications are also putting a spotlight on Bitcoin, contributing to the general positive sentiment on the charts.
However, Gambardello emphasized the need to separate emotions from chart analysis. He noted that while the current move is exciting and is being amplified by the headlines, it’s not unprecedented. He pointed out that Bitcoin hasn’t even broken the swing high from April yet, and the current move to the upside is a common one for Bitcoin.
Gambardello also explored the rising wedge pattern and potential targets for Bitcoin. He mentioned that if Bitcoin can break through the 50-day and 20-day moving averages, it would be a big deal on the daily chart. However, he also cautioned that if Bitcoin retraces to those areas, it’s important to watch for support.
In terms of potential targets, Gambardello pointed out that if Bitcoin makes a move to the $30,500 target and starts breaking out on the chart above the trend line, there is a potential for a $40,000 target. This could be a powerful move for Bitcoin in the midterm, and there’s room on the RSI slower moving momentum oscillator for Bitcoin on the daily chart.
In conclusion, Gambardello’s analysis suggests that Bitcoin is in ‘beast mode’ and could potentially hit significant targets in the near future. However, he also emphasizes the need for careful chart analysis and watching for support levels to confirm the bullish trends.