A respected voice on Crypto Twitter has recently shared his opinion on the potential growth trajectory of Bitcoin. Dan Gambardello suggested that the dominant cryptocurrency appears ready to make a big move soon, leaning toward the bulls’ side.
Another Mega BTC Rally Coming?
Strategist Dan Gambardello is expecting a massive Bitcoin (BTC) bull run in the near term.
The Crypto Capital Venture founder and YouTuber recalled in a recent tweet that on a day like today in 2019 (May 16), bitcoin was changing hands at around $8,000 per coin. Many people doubted whether the flagship cryptocurrency would ever recover above $10k, especially after the infamous Black Thursday market crash. The price of Bitcoin was nearly slashed in half within a matter of hours at the time, dropping to as low as $4,600.
Bitcoin, however, regained the losses incurred on that epic Black Thursday within a month and a half or so. After that, the analyst noted, bitcoin continued climbing higher, and in November 2021, it hit a record high of over $69,000. As such, Gambardello is convinced that Bitcoin is on the cusp of a parabolic rally.
The crypto market has recently taken a turn for the worse as a combination of large-cap coins and hyped-up meme-based coins have headed south. After rocketing past $30,000 for the first time in 10 months in April, Bitcoin has struggled to remain at such highs this month.
The largest digital asset by market cap was trading at $27,097.31 at press time, according to CoinMarketCap. Its market cap currently stands at $524 billion, way down from the $1 trillion it surpassed back in November 2021. Bitcoin’s fall comes as investors’ fear over a more stringent crypto regulatory crackdown lingers amid the unfolding debt crisis in the United States. These grave macro headwinds indicate that volatility in crypto is likely to remain.
Nonetheless, some investors are still feeling bullish, according to data from crypto analytics provider Glassnode: individual bitcoin wallets holding one whole BTC or more passed the millionth mark on Monday, showing long-term sentiment for the crypto stays intact even as prices retrace.