Bitcoin Closes CME Gap, Expert Predicts What Happens Next
July 04 2024 - 2:30PM
NEWSBTC
Crypto expert Michael van de Poppe has highlighted an important
indicator which suggests that Bitcoin could make a crucial bounce
from its current price level. This follows the flagship crypto’s
recent decline below $60,000. BTC’s CME Gap Has Closed Van de
Poppe revealed in an X (formerly Twitter) post that Bitcoin’s CME
gap has closed and added that it is time for the crypto token to
enjoy a relief bounce from its current price level. From the chart
he shared, Bitcoin will reclaim $60,000 as support before moving
further to the upside. Related Reading: Shiba Inu Starts July
On A High Note: Burn Rate Surges 16,854%, Trading Volume Rises 170%
Crypto analyst Mkybull Crypto also confirmed that the CME gap has
been filled. Like Van de Poppe’s prediction, the analyst expects
Bitcoin to reclaim the $60,000 range and possibly continue its
upward trend. Mikybull Crypto revealed that Bitcoin has completed
its inverse head-and-shoulder pattern on the daily chart. He
predicted that the flagship crypto could reach a minimum breakout
target of $70,000 when it successfully breaks out above
$62,000. Mikybull Crypto also mentioned that the Moving
Average Convergence/Divergence (MACD) indicator indicates that a
bullish cross is imminent for Bitcoin. He noted that this indicates
strength for the flagship crypto and that its price is poised to
rise. The crypto analyst is also undeterred by Bitcoin’s recent
underperformance as he is confident that a parabolic rally will
soon enough. Contrary to what some might think, he
claimed that the cycle top isn’t in yet and that this is simply a
“final shakeout” before the market top is in. Based on the chart he
shared, he predicts that Bitcoin will still climb above $100,000
and possibly reach $130,000. The analyst had previously mentioned
between $138,000 and $150,000 as “optimal targets for Bitcoin in
this bull run.” What Next For Bitcoin? With Bitcoin failing to hold
above $60,000, the bearish calls are becoming louder in the crypto
community. Some predict that the flagship crypto could drop to the
$40,000 range soon enough. Crypto analyst CrediBULL Crypto claimed
that “there is still a lot that must be done” for Bitcoin to drop
that range, suggesting that it is unlikely to happen anytime
soon. Related Reading: XRP Price Attempts Bullish Decoupling
Amid Major Developments He also provided insights into what will
likely happen to Bitcoin at its current price level. According to
CrediBULL Crypto, there is a chance that Bitcoin will wick the
$58,000 low, hold a higher low above the $56,000 low, and then
reverse from there. He further raised the possibility of Bitcoin
dropping into the $53,000 demand area if the $56,000 lows are
breached. Additionally, the crypto analyst mentioned that
$40,000 could become possible if Bitcoin fails to hold above
$53,000. However, he believes this scenario of Bitcoin dropping to
$40,000 is “the least likely to actually play out.” He remarked
that this isn’t something anyone should be placing “heavy weight on
at this time.” Featured image created with Dall.E, chart from
Tradingview.com
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