Bitcoin Aims For $204K in the Next Bull Cycle: Technical Analyst
The post Bitcoin Aims For $204K in the Next Bull Cycle: Technical Analyst appeared on BitcoinEthereumNews.com.
Dan Gambardello predicts Bitcoin price would climb to $204,000 in the next bull cycle. The upcoming market rally would push the crypto market cap to a record $10 trillion. Gambardello believes Ethereum would rally to $20,000 in the next bull run. Dan Gambardello, founder of Crypto Capital Venture, has predicted that Bitcoin price would climb to $204,000 in the next bull cycle. According to the technical analyst, the upcoming market rally would also push the crypto market cap to a record $10 trillion. Gambardello predicted this in a recently uploaded video and explained how Bitcoin price has developed in cycles over the past few years. The crypto analyst shared a 2018 Bitcoin chart, analyzing how the flagship crypto would evolve. His speculative analysis projected two peaks for Bitcoin at $90,000 and $281,000. According to Gambardello, Bitcoin entered the $90,000 region during the last bull run, even though it did not reach its peak. With the price currently in a bear market and preparing for the next bull cycle, the Crypto Capital Venture founder expects Bitcoin to reach the $281,000 region he projected in 2018. Using more technical indicators, Gambardello explained how to use Bitcoin’s dominance in predicting the crypto market. He noted that in the previous bull cycles, Bitcoin dominance dropped, a phenomenon characteristic of crypto bull markets. Therefore, he explained that a falling Bitcoin dominance indicates an altseason. Hence, he projected that when Bitcoin dominance falls to 40%, the price of the pioneer cryptocurrency would be around $204,000, reflecting nearly 500% gains for Bitcoin from its current price. He further revealed how this aligns with his original Bitcoin prediction and was confident that the projection would play out with reasonable accuracy. Apart from Bitcoin, Gambardello predicted that Ethereum’s dominance would reach 25%, and the flagship altcoin’s market cap would…
Filed under: News - @ November 4, 2023 10:24 am