- Analysts fear Bitcoin could plunge to $9,600
- Bitcoin is likely to return to the $9,600 CME Gap it formed some weeks ago
- Willy Woo believes the mid-term trend of Bitcoin is positive
Bitcoin News Today – When Bitcoin (BTC) surged from the $9ks in late July and early August, it formed a crucial CME futures gap at $9,600. With the current price action of the digital currency, it appears that it could soon move towards that range. The CME futures are closed on the weekends, even though BTC spot markets are still trading.
This forms natural gaps in the price action of the CME, many of which are filled in a period of seven days after they were opened.
Bitcoin (BTC) Price Today – BTC / USD
Analyst Says Bitcoin Could Soon Fill the SME Gap
According to a digital currency analyst viewing the recent price action of the digital currency, Bitcoin could soon fill the CME gap. He pointed out how the digital currency lost the support of the pivotal support at $10,900, which is likely the price towards the $10,200 mark.
“$BTC: Looks ready to finally go fill that CME gap. Didn’t quite tap the $11,200, 0.65 region I talked about.”
Many investors out there think the gap will be filled as well. Ivan on Tech – a programmer and commentator – recently asked his Twitter followers (over 100k) if they believe BTC would fill the CME gap. About 60 percent of the respondents said that they believe Bitcoin would fill the gap in the future.
Some Analysts Do Not Believe the Gap Would Be Filled
It appears that not all analysts believe the gap would be filled. A prominent on-chain analyst – Willy Woo recently shared a chart and said:
“I’m still cautious of another short term dump to fill the gap but so far it’s looking like it’s been front run for liquidity which is strongly bullish if we break resistance here. There’s a lot of bids in the spot order books wanting to snap up the gap in the mid-high 9000s.”
Over the past couple of weeks, Woo has made super correct predictions. In late August, he called the decline of Bitcoin to the high-$9ks. He also predicted the recovery of Bitcoin from $10k to $11,200 last week. Willy Woo still strongly believes that the mid-term trend of Bitcoin is positive. He said:
“Overall, I’m not expecting any mega dump, some chance of smaller whipsaws in the short timeframes, resistance is teetering. Not a bad time to get in if you are a spot investor, given the longer-range macro. There’s plenty of buy support below 10k, this is a buy the dip scenario.”
Nevertheless, how the digital currency fares in the short-term seem to currently be up in the air and also on the legacy markets as well.