Bitcoin Aims For $204K in the Next Bull Cycle: Technical Analyst

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.

$10 trillion total crypto market cap incoming:

BTC = $204,000
ETH = $20,000
XRP = $18
ADA = $11 pic.twitter.com/OyNh4Sd9dQ

— Dan Gambardello (@cryptorecruitr) November 3, 2023

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 reach a record $2.5 trillion. According to him, Ethereum’s rise would be influenced by an influx of institutional money, as well as enterprises and businesses building on its network. He believes that would translate to Ethereum’s price rallying to $20,000 during the next bull cycle.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source