According to the prediction for the bitcoin market show that a mix of bullish market patterns and demand will probably lead the price movement to rise above the current all-time high.
Forecast for the price of bitcoin paired with the CME gap
Based on the information gathered by TradingView and Cointelegrah Markets Pro, the current spot price of BTC/USD on Bitstamp reached $116,800.
Nevertheless, the futures market for bitcoin took center stage, closing with a significant “gap” from the last weekend at $117,320.
The gap, which emerged around on August 23, was caused by weekend decline in the price of bitcoin, and it was progressively “plugged” over the span of three weeks by futures.
Ted Pillows, a cryptocurrency investor and entrepreneur, stated in a post on X before the move that “if BTC fully reclaims this level, the doors towards the new ATH will open”.
Pillows cautioned that a rebound to monthly lows below $108,000 might occur if the price views the gap’s top as resistance
Nevertheless, a number of indicators disapproved the notion that cycle top was in, and all-time highs were strongly returned to the radar during the weekend.
X followers were informed by Keith Alan, co-founder of the trading resource Material indicators, that $124,500 was “not the highest price ” for Bitcoin
For what reason ? He summed up by saying”because there is just too much institutional demand, and that demand keeps growing”.
According to the information gathered by UK investment firm Farside Investors, in the five days going up to September 12, the net inflows into US spot Bitcoin exchange-traded funds (ETFs) were more than $2.3 billion.
Alan also referred to the US Federal Reserve’s impending rate of interest decreases, which, according to statistics from CME Group’s FedWatch Tool, had a 100% chance of happening on September 17.
He went on to say, “There will be volatility and things are going to start getting spicy”
Trader are counting down to record highs
Famous trader Bitbull saw the process unfold in as little as two weeks, given the timing of the all-time high.
He explained this on the exact same day that BTC/USD pair had recovered a significant long-term trend line that it had momentarily lost in August.
The eight-year trendline level has been regained by July saw a breakout, and last month, Bitcoin dropped below this crucial level. With a chart to go with it, he explained, “But now, bulls have closed a strong candle’.
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.