The recent bearish trend in the crypto market have prompted many to speculate about the market’s next movements. Among these speculators, analyst Dan Gambardello’s latest insights suggest a bullish future for the market.
Gambardello’s recent analysis points towards the potential of the market’s upcoming bull run to surpass previous cycles in its strength.
Highlighting Potential Top Performers
In his breakdown, Gambardello has particularly emphasized the potential role of Ethereum (ETH) and XRP in the next bull cycle. Gambardello believes that these altcoins are positioned well.
Particularly, with Ethereum benefiting from the recent filing for a Spot Exchange Traded Fund (ETF) petition and Ripple gaining an edge due to its legal battles with the US Securities and Exchange Commission. Such events are pivotal according to the analyst and could potentially act as catalysts in driving their prices up.
The analyst’s bullish stance doesn’t end with these two altcoins. Gambardello underscored the myriad of positive developments within the current market, emphasizing that these foundational steps could significantly influence the next bull run.
It’s not just about market dynamics; according to Gambardello, the legal framework is seemingly aligning in favor of the crypto community, which could further bolster the market’s momentum.
Notably, while the crypto market has seen a plethora of bullish price action in recent times even during the ongoing bearish market phase, Gambardello is of the belief that these positive strides position the market for a noteworthy upturn.
So far, the legal landscape seems to be tilting in favor of the crypto sector, adding weight to this bullish view. However, Gambardello was quick to inject a note of caution.
Gambardello warned that despite these optimistic signs, the crypto market is just still “respecting the cycles”.
Gambardello noted the respect for cycles might be why the spate of bullish news hasn’t translated to a steady upward price movement. In fact, Gambardello speculates that the market isn’t in a bull phase at the moment and is navigating an accumulation phase.
Bitcoin’s Price Movement: What Lies Ahead?
While optimistic about the market in general, Gambardello also shared his concerns regarding Bitcoin (BTC). Gambardello alerted to the possibility of BTC’s price declining to around $21,000 in the foreseeable future.
Drawing parallels with historical price patterns, especially those observed before halving cycles, Gambardello indicated such a dip might have broader implications for the entire crypto market.
Gambardello, further touched upon potential market manipulation, especially by institutional investors. suggesting that large players might be influencing the current price stagnation, all in preparation for the anticipated bull run.
The recent surge in ETF applications lends credence to this theory. If institutional players are indeed increasing their crypto exposure, their actions could be dictating market trends.
According to Gambardello, this perceived alignment of institutional interests with recent legal victories against regulatory bodies paints a bullish picture of the market’s potential trajectory.
Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com
Featured image from iStock, Chart from TradingView
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Author: Samuel Edyme