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In his most recent study, the cryptocurrency trader and analyst Dan Gambardello suggested that Bitcoin (BTC) might potentially fall to a downside target of $24K in the coming weeks. He noted that from a global perspective, it makes reasonable to forecast a decrease to this level in the near future, however he cautioned that he cannot entirely promise this will occur.
Gambardello also brought up Tether's recent announcement that it will buy Bitcoin with up to 15% of its revenues in the video. The dealer defined this trend as generally encouraging for the cryptocurrency market. Despite this, the price of BTC recently returned to a long-term channel that was first established in November of last year.
The trader cautioned that in order to prevent a decrease in price to $24K, BTC must shortly break out of this channel. According to Gambardello, if BTC's price manages to effectively exit the channel in due time, it will aim to reach $33.5K during the following few months. But before BTC can move towards $33.5K, it must turn the 20-day and 50-day EMA lines into support.
At the time of publication, BTC has risen 1.92% in the previous 24 hours to trade at $27,361.08. The market leader was also able to gain 0.83% in strength over its main rival Ethereum (ETH) throughout this time.
BTC's daily trading volume during the previous day increased along with the price increase. As a result, BTC's overall daily trading volume was over $14.9 billion.
Disclaimer: All of the information in this price analysis, including the thoughts and opinions expressed in it, has been supplied in good faith. Readers are required to conduct their own due diligence and research. The reader solely assumes all risk for whatever action they may take. Any direct or indirect loss or damage is not the responsibility of Coin Edition or its affiliates.
