- Dan Gambardello, a popular crypto trader and analyst, recently shared his upside and downside targets for BTC.
- According to the trader, BTC is at risk of dropping to as low as $24K in the short term.
- At press time, BTC’s price stood at $27,361.08 following a 1.92% increase in the past 24 hours.
The crypto trader and analyst Dan Gambardello shared in his latest analysis that a downside target of $24K may still be reached by Bitcoin (BTC) in the next few weeks. Although he added that he cannot fully guarantee this will happen, he stated that from a macro perspective, it makes sense to predict a drop to this level in the near future.
In the video, Gambardello also mentioned Tether’s recent announcement that it will purchase BTC with up to 15% of the company’s profits. The trader labeled this development as an overall positive sign for the crypto space. Despite this, BTC’s price recently dropped back down into a long-term channel, which was established back in November last year.
4-hour chart for BTC/USDT (Source: TradingView)
The trader warned that BTC’s price will need to break out of this channel soon to avoid a drop to $24K. Should BTC’s price successfully break out of the channel in time, according to Gambardello, then it will look to climb to $33.5K in the next few months. On its path toward $33.5K, however, BTC will first need to flip the 20-day and 50-day EMA lines into support.
At press time, BTC was trading at $27,361.08 following a 1.92% increase in the past 24 hours. The market leader was also able to strengthen against its biggest competitor, Ethereum (ETH), by 0.83% during this time period.
In tandem with the price increase, BTC also saw an increase in its daily trading volume over the last day. As a result, the total daily trading volume for BTC stood at approximately $14.9 billion.
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