Bitcoin experts are analyzing the recent closure of Bitcoin’s CME gap and predicting potential price movements for the cryptocurrency. Crypto expert Michael van de Poppe believes that Bitcoin could experience a bounce from its current price level after the CME gap closure. Another analyst, Mkybull Crypto, also confirmed the closure of the CME gap and predicted that Bitcoin could reclaim the $60,000 range and continue its upward trend.
Mkybull Crypto highlighted the completion of an inverse head-and-shoulder pattern on the daily chart for Bitcoin and suggested a breakout target of $70,000 if the price surpasses $62,000. Additionally, he mentioned that the Moving Average Convergence/Divergence (MACD) indicator is signaling a bullish cross for Bitcoin, indicating potential price strength and a rise in value.
Despite Bitcoin’s recent underperformance, analysts like Mkybull Crypto remain confident in a potential parabolic rally for the cryptocurrency. He dismissed the notion that the cycle top is in, predicting that Bitcoin could climb above $100,000 and potentially reach $130,000 in the near future. The analyst previously identified $138,000 to $150,000 as optimal targets for Bitcoin in this current bull run.
On the flip side, some members of the crypto community are expressing bearish sentiments regarding Bitcoin’s price. There are predictions that Bitcoin could drop to the $40,000 range, although analyst CrediBULL Crypto believes that certain conditions need to be met for this scenario to occur. He suggests that Bitcoin could witness a price correction to the $58,000 low, potentially holding a higher low above $56,000 before reversing its trend. If Bitcoin fails to maintain support above $53,000, there is a possibility of a further drop to the $53,000 demand area.
While the market outlook for Bitcoin remains uncertain, analysts like CrediBULL Crypto consider a drop to $40,000 to be the least likely scenario at the moment. They advise against placing too much weight on this possibility, emphasizing that the current market conditions do not strongly support such a significant price decline.
In conclusion, the closure of Bitcoin’s CME gap has sparked various predictions and analyses from experts in the crypto community. While some foresee a potential price bounce and continuation of the upward trend, others are more cautious, warning of possible price corrections and drops. As the market evolves, investors are urged to conduct their own research and make informed decisions when navigating the volatile world of cryptocurrency trading.