In a recent video uploaded to his platform, Dan Gambardello, the founder of Crypto Capital Venture, has made a bold prediction regarding the future price of Bitcoin. Gambardello, a well-known technical analyst in the cryptocurrency space, believes that Bitcoin is poised to climb to $204,000 in the upcoming bull cycle. Additionally, he anticipates that this surge in Bitcoin’s price will lead to a record-breaking $10 trillion market capitalization for the entire cryptocurrency market.
Analyzing Bitcoin’s historical price cycles
Gambardello’s prediction is based on his analysis of Bitcoin’s historical price cycles. He delved into a 2018 Bitcoin chart, where he identified key trends and patterns that have emerged over the past few years. According to his speculative analysis, he foresees two major price peaks for Bitcoin in the near future, with targets set at $90,000 and an even more ambitious $281,000.
During the previous bull run, Bitcoin approached the $90,000 mark, although it did not quite reach its projected peak. With the cryptocurrency currently in a bear market and preparing for the next bull cycle, Gambardello firmly believes that Bitcoin has the potential to reach the $281,000 region that he initially projected back in 2018.
To bolster his predictions, Gambardello also looks at Bitcoin’s dominance within the overall cryptocurrency market. He highlights a recurring phenomenon in previous bull cycles where Bitcoin’s dominance tends to decrease, signaling the onset of altseasons – periods when alternative cryptocurrencies surge in value.
According to Gambardello’s analysis, when Bitcoin’s dominance falls to around 40%, it will coincide with Bitcoin’s price hitting the $204,000 mark. This would represent a substantial increase of nearly 500% from its current price. Gambardello is confident in this projection and believes it aligns well with his original Bitcoin prediction, suggesting it will play out with reasonable accuracy.
Ethereum’s rise and predicted price rally
In addition to his Bitcoin forecasts, Gambardello also offers insights into Ethereum, the second-largest cryptocurrency by market capitalization. He predicts that Ethereum’s dominance within the crypto market will reach 25%, and as a result, the flagship altcoin’s market capitalization will soar to a remarkable $2.5 trillion.
Gambardello attributes Ethereum’s expected rise to various factors, including an influx of institutional investment and the growing number of enterprises and businesses building on its network. He envisions Ethereum’s price surging to $20,000 during the next bull cycle, highlighting the potential for substantial gains for investors.
Source: https://www.cryptopolitan.com/bitcoin-to-reach-204000-in-next-bull-cycle/