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- Dan Gambardello revealed in his latest analysis that bullish setups have emerged for BTC, ADA and ETH.
- According to the analyst, BTC could soar to $42K before undergoing a correction in the short term.
- Gambardello also predicted that ADA could rise to between $0.80 and $0.85.
The popular cryptocurrency trader and analyst Dan Gambardello shared his latest take on Bitcoin (BTC), Cardano (ADA), and Ethereum (ETH) in an X post today. According to the analyst, bullish setups have emerged on all three cryptocurrencies’ charts.
GROUNDBREAKING MOMENT: Bitcoin, Cardano, Ethereum Setup For BULL MARKET https://t.co/cPfZzIVCxh— Dan Gambardello (@cryptorecruitr) December 4, 2023
Gambardello started the video off by revealing that his short term upside target for BTC is around $42K. He did warn, however, that he anticipates a correction regardless of whether the market leader reaches this mark or not. His warning stems from the fact that BTC has entered overbought territory.
Furthermore, he shared that BTC correcting soon would be similar to historic price movements in earlier cycles. He added that this correction would be a “common move” for the leading cryptocurrency.He also shared the possibility of BTC consolidating at the $42K resistance level. Should this happen, Gambardello believes it would be an indication of a new era for the market driven by exchange-traded funds (ETF) and institutional interest. Nevertheless, he is bracing for a correction.
With regards to ADA, the analyst predicted that the altcoin could soar to $0.45 if it breaks out in the next few days. Following this, his longer-term price target for ADA is between $0.80-$0.85. Gambardello’s main reason for his bullish outlook for ADA is the fact that the Cardano ecosystem has blossomed during this bear cycle.
Subsequently, he believes that the Cardano ecosystem as a whole could account for 1% of the cryptocurrency market’s total capitalization in the near future. He followed this prediction by saying that ADA could do “something special” in the next bull run.
Weekly chart for ETH/USDT (Source: TradingView)
The analyst then shared that the largest altcoin in terms of market cap, ETH, was testing a key resistance level on its chart. He predicted that ETH could soar to $3K if it is able to break above this point in the next few weeks given the emergence of a bullish ascending triangle pattern on its chart.
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