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▲ Bitcoin (BTC)
A projection has emerged that Bitcoin (BTC) could break through $100,000 sooner than expected if it reclaims its descending channel.
Dan Gambardello, host of the cryptocurrency YouTube channel Crypto Capital Venture, analyzed in a video uploaded on September 3rd (local time) that Bitcoin's current chart resembles that of 2019. The key lies in the 50-week moving average and the descending channel. Gambardello explained that if a downward breakout fails and the price returns within the channel, it could signal a bullish reversal. He stated, “The time when Bitcoin heads to $100,000 could be sooner than many people think.”
Gambardello compared the current long-term structure to July 2015, April 2019, and February 2023. He explained that in all three periods, a new trend formed after resistance from the 50-week moving average. In 2015, the correction continued for several months, but a long-term bottom had already formed, he assessed. In 2019, a rapid upward breakout occurred after a short correction.
He also left open the possibility of a short-term decline. Gambardello explained that the $70,000 range sits between the 200-day moving average and the 20-day moving average. He suggested the 50-day moving average is around $68,000. If the decline continues, $73,000-$74,000 was mentioned as the next major price level. From a long-term investment perspective, he proposed $70,000-$75,000 as a potential buying zone, and in an extreme correction, he also mentioned $58,000.
His assessment is that the macroeconomic environment is actually shifting towards a bullish trend. Gambardello cited the US cryptocurrency market structure bill and the shift in economic cycles as key reasons. In particular, he compared the trend of the Purchasing Managers' Index (PMI) moving from contraction to expansion with past cycles. He evaluated previous surges as movements driven by inflows into cryptocurrency spot ETFs and expectations for pro-crypto policies. In contrast, he emphasized that now, macroeconomic changes emerging from a prolonged economic contraction are also appearing.
The bullish scenario Gambardello focused on most was a repeat of 2019. At that time, Bitcoin showed movements that seemed to break out of a descending channel, then returned within the channel, and subsequently broke above its upper boundary. He analyzed that if a similar trend reappears, the price could quickly return to the $80,000 range, and $100,000 could emerge as the market's key target. However, he did not rule out the possibility of a short-term correction and assessed that in the long term, a cryptocurrency bull market is in the process of forming.
[Key Article Summary]
-Gambardello predicted that if Bitcoin reclaims its descending channel, the timing to reach $100,000 could be faster than expected.
-The current chart is analyzed to be similar to the 50-week moving average resistance zones of 2015, 2019, and 2023.
-While the possibility of a short-term correction remains, the shift in economic cycles and the US cryptocurrency market structure bill are presented as reasons for a long-term bullish trend.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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