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Market expert Don Gambardello speculates an imminent Bitcoin breakout from a multi-year head and shoulders (H&S) pattern that could catalyze an explosive uptrend to six figures.
Bitcoin appears to have rediscovered its form today after an over 3% upside above $71,000. The surge pushed the asset to a four-month price high, last seen in June.
However, experienced market speculator Dan Gambardello asserts that the recent uptrend is only a precursor of a greater rally to come. The expert’s analysis shows that Bitcoin is forming a price pattern tipped to stir a surge to six figures for Bitcoin.
Inverse Head and Shoulder Pattern Nears Breakout
In an October 28 analysis, Gambardello stated that Bitcoin is approaching the neckline of an inverse head-and-shoulder pattern forming on its 1W price chart. This multi-year price pattern began following the drop from the April 2021 high, months before Bitcoin hit its previous ATH at $69,000.
The pattern’s head formed during the November market capitulation following the FTX implosion. According to Gambardello’s chart, Bitcoin bottomed around $15,479 before the bullish structure continued.
Meanwhile, Bitcoin’s all-time high of around $74,000 in March formed the right shoulder, with the price mark becoming the breakout trendline. The analyst noted that a breakout from the price pattern will mark “the most massive inverse head and shoulders in Bitcoin history.”
Although the analyst did not state his price target after the breakout, his chart points to levels above $180,000. Notably, Gambardello had earlier mentioned that $100,000 per Bitcoin is a possibility.
Bitcoin Nears ATH as Election Approaches
In an earlier report, Gambardello leveraged AI to predict when Bitcoin would hit new highs as the November 5 election draws nearer. ChatGPT forecasted that the crypto firstborn will take 5-12 days after the election to hit a new all-time high.
Analyst Michael van de Poppe shares a similar sentiment, noting that Bitcoin would see new all-time highs in a few weeks. He cited favorable macroeconomics like the US election to drive Bitcoin’s price to a new ATH soon enough.
Meanwhile, analysts at Bernstein expect the November 5 election to drastically affect Bitcoin in the short term, depending on the outcome. The brokerage firm asserted a bullish push to $90,000 if Donald Trump wins and drop to $30,000 if Kamala Harris wins.