Crypto News– Cryptocurrency trader and analyst Dan Gambardello recently shared his insights in a post, suggesting that another crash in the cryptocurrency market could be in line with typical market cycles. He envisions that such a crash could pave the way for Bitcoin (BTC) to reach new highs, leading the market into the next bull run.
September 30 Market Analyst Anticipates Another Downturn, Potentially Impacting BTC and Wider Cryptocurrency Space
As of the latest update from CoinMarketCap, the global cryptocurrency market cap experienced a modest 0.18% increase in the past 24 hours, reaching approximately $1.08 trillion. However, BTC saw a minor 0.09% dip during this period and was trading at $26,938.44.
From a technical standpoint, BTC managed to break free from a medium-term bearish trend in recent days. Following this breakout, Bitcoin encountered a crucial resistance level at $26,915. If BTC can successfully close a daily candle above this level within the next 48 hours, it may embark on a bullish journey toward the $27,915 mark.
Conversely, a failure to close above the $26,915 resistance could trigger a sharp pullback in BTC’s price. In this bearish scenario, the cryptocurrency might decline to as low as $26,000 in the following week, with the potential for further drops down to $25,110 due to sustained selling pressure.
However, a notable bullish technical pattern emerged on BTC’s daily chart recently, indicating a higher likelihood of a bullish outcome in the next 24-48 hours. Over the past two days, the 9-day Exponential Moving Average (EMA) crossed above the 20-day EMA. This particular technical pattern suggests that short-term momentum may be shifting in favor of buyers, giving them a slight advantage over bears. Consequently, if this pattern is confirmed and bullish support for BTC persists in the short term, the cryptocurrency’s price could soon turn the $26,915 resistance level into a support level.
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