As a seasoned researcher who has navigated the cryptocurrency market for over a decade, I find myself intrigued by the current state of Bitcoin (BTC). The recent surge to a new record high and subsequent pullback has been a familiar dance that we’ve seen many times before in this ever-evolving market.
As a researcher studying the digital currency landscape, I’ve noticed an impressive spike in Bitcoin (BTC) prices lately. Starting from November 5th, it surged more than 39%, reaching a new peak of $93,250 on Wednesday. However, this remarkable rise has been followed by a correction, with the largest cryptocurrency by market capitalization currently hovering around $88,800.
According to market analyst Quinten Francois, there’s a possibility that this downtrend might continue, possibly causing the price to dip even below $80,000. This is because of a large gap in the Chicago Mercantile Exchange (CME) found just under this price range.
12% Retracement Ahead?
The differences in price you see on the Chicago Mercantile Exchange’s Bitcoin futures chart between the closing price of one trading day and the opening price of the next are known as CME gaps. These gaps usually occur after significant price fluctuations, and they tend to be filled as the market becomes more stable.
francois found a missing CME price point around $78,000, and if this gap gets filled in the next few days, it would mean a pullback of more than 12% from the present prices.
This adjustment might prove beneficial for Bitcoin (BTC), as it frequently triggers the closure of long positions, paving the way for potential price increases in the future. Previous trends indicate that these drops may offer the required market liquidity, enabling Bitcoin to make further progress.
In case Bitcoin encounters more selling, potential backup support can be found at $72,000 and $69,000. A fall below these levels could lead Bitcoin’s price to revert back to where it was before Donald Trump won the election on November 5th, an event often linked to the recent surge in its value.
Could Trump’s Bitcoin Strategy Influence Future Price Movements
Throughout his presidential bid, Trump repeatedly indicated his desire to foster the expansion of digital assets, with Bitcoin serving as a key component in the economic strategy he envisioned for his future administration.
One of Trump’s proposals involves making Bitcoin a strategic reserve asset that the U.S. government could potentially hold.
Senator Cynthia Lummis, a supporter of cryptocurrency, has introduced the Bitcoin Act in the Senate with an objective to boost the U.S. holdings of Bitcoin to one million coins. This move could potentially lower market supply, which might lead to an increase in the value of each Bitcoin (Bitcoin price).
According to Francois, there’s a possibility of a bear market for the general cryptocurrency market, which might appear anywhere from 2026 to 2027. This implies that the upcoming two years could see a prolonged period of growth for Bitcoin and the entire digital currency market.
As a researcher, I must emphasize the warning given by the expert regarding the unaddressed $78,000 CME gap. If this gap isn’t closed before a major price surge occurs, it may necessitate attention during the subsequent bear market phase, indicating potential future market volatility ahead.
Read More
- FLOKI PREDICTION. FLOKI cryptocurrency
- DEXE PREDICTION. DEXE cryptocurrency
- From Season 4 Renewed With Release Date Window & Episode Count
- Why Is Randy Moss Wearing Glasses? Health Update
- ZEN PREDICTION. ZEN cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- WIF PREDICTION. WIF cryptocurrency
- Mare: Beloved puzzle adventure game now available on PS VR2
2024-11-15 10:34