Dan Gambardello, a prominent crypto analyst, has recently analyzed Bitcoin's market behavior, suggesting that the cryptocurrency might be nearing its last significant dip. He highlights the six-hour chart's Relative Strength Index (RSI) hitting oversold levels, traditionally seen as bullish, signaling a potential end to the current dip.
Gambardello draws parallels to Bitcoin's past market behaviors, noting a pattern of initial decline followed by strong recovery, especially in previous Octobers. He believes this October will close positively, based on these historical cycles.
The analyst further highlights Bitcoin's historical performance in halving years like 2016 and 2020, which saw significant bullish trends, suggesting a possible repeat of this pattern in the current year.
Bitcoin is currently testing significant support levels, including the 50-day moving average, and Gambardello remains optimistic about a recovery despite market turmoil influenced by geopolitical tensions.
