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The current Bitcoin market conditions have taken center stage recently, with expert analysts weighing in on important developments.
Among them, Dam Gambardello, an expert analyst, has highlighted a key indicator suggesting Bitcoin may be experiencing its last major dip. This comes as Bitcoin struggles to recover from weekly lows.
Testing Key Support Levels and MA
For instance, Bitcoin is currently testing a crucial support level on the daily chart, which Gambardello believes is important for its short-term trajectory. A focal point of this analysis is Bitcoin’s ability to hold above the 50-day moving average, a well-established support zone.
BITCOIN'S One Indicator Signaling LAST Major Dip
Intro 00:00
Higher low support 00:4
This indicator has my attention 2:25
Bullish support 4:20
If Bitcoin capitulates 6:30
The ultimate capitulation 7:30
October still looks good 9:15
Zoom out on BTC! 10:30 pic.twitter.com/aJBTQ2jCl4— Dan Gambardello (@cryptorecruitr) October 2, 2024
In addition to this, Gambardello notes the importance of the lower trend line in the falling wedge on the overall Bitcoin chart. Even if Bitcoin touches this trend line, Gambardello believes this would likely be the last time, given the consolidation phase over the past six months.
Further backing this bullish perspective, the analyst notes the crossover of the 20-day moving average above the 50-day moving average, a signal of a bullish trend.
Indicators and Fibonacci Support
Meanwhile, according to Gambardello, the RSI on the 6-hour chart is indicating oversold conditions, often seen as a bullish signal. This suggests that Bitcoin may be nearing a potential bottom, with short-term declines likely to be followed by a significant price bounce.
However, the possibility of a dip into a key Fibonacci support zone, ranging between $58,000 and $55,500, remains on the table.
If Bitcoin continues to drop, analysts point to the $50,000 level as a potential area for a final capitulation event. Such a scenario would align with Bitcoin becoming oversold on shorter-term charts, signaling a possible market bottom and subsequent recovery.
Bullish Long-Term Outlook
Notably, the ongoing Bitcoin halving cycle in 2024 is being closely compared to previous halving periods, which have often led to bullish price movements. Despite current short-term market fears, the expert suggests that Bitcoin may close October positively, supported by its broader macro bullish trend.
Projections following Bitcoin’s positive September close further support this optimistic outlook. Historical data suggests that Bitcoin could exceed $100,000 by year-end, with potential price points of $80,518 in October and $106,718 in December.