- Crypto analyst Dan Gambardello has spotted a “mega move” in Bitcoin’s price.
- According to Gambardello, the recent Bitcoin rally was a move that unfolded over a long period of time.
- Gambardello noted that Cardano’s consolidation is normal in a pre-bull market situation.
Crypto Analyst Dan Gambardello has spotted a “mega move” in Bitcoin’s price. In a recently uploaded video, Gambardello analyzed the recent Bitcoin rally, explaining its importance to the current market situation. He also identified a critical development in Cardano’s price, projecting how the altcoin’s price would unfold in the short term.
According to Gambardello, the recent Bitcoin price behavior is a move that unfolded over a long period of time. He noted that the flagship crypto has surged into a long-term resistance area, a break above which would signify an established bull run. The analyst used the Fibonacci retracement indicator to show that Bitcoin has entered the “Bull Market Doors” region.
Gambardello further explained that Bitcoin’s current move is a retest of the notable area after being rejected about a month ago. Hence, the current move is backed by significant momentum, making it stronger and more meaningful to the top crypto’s price development.
Apart from retesting a significant Fibonacci retracement resistance, the analyst showed that Bitcoin broke through an inverse ‘head and shoulders’ pattern in a bullish movement. He noted that Bitcoin’s behavior in the following days would be critical and tell much about the next bull cycle.
In terms of Cardano, Gambardello showed that it has consolidated on the weekly chart. He used historical data to explain that consolidation in the altcoin market during a Bitcoin rally is normal. However, he noted that both the Bitcoin and Cardano notable price behaviors are happening earlier than they did in previous bull cycles.
The analyst explained that such moves usually occur after the Bitcoin halving event, but this time they are unfolding almost two months earlier. According to him, Cardano’s current consolidation mimics its move before the previous bull cycle and could be replicated if his analysis holds.
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