The latest situation in Bitcoin has been handled by many market experts and analysts. Will Bitcoin, which has recovered at small rates after the fall, will move towards the CME gap or is a new bullish rally at the door?
Bitcoin seems to be recovering a little over the past two days, after dropping more than 15%. The leading coin, whose price has gone below 10 thousand dollars several times, is currently being bought and sold at around 10,200 – 10,300 dollars. Bitcoin was trading on the 11,700 – 12.00 band at the beginning of September. Despite its retreat, most market experts and investors have argued that Bitcoin is maintaining its long-term uptrend and BTC is not in danger. As faith in Bitcoin continues over the long term, most analysts wanted this drop to be seen as a buying opportunity.
Bitcoin Still In Danger Zone
Although BTC determined the $ 10,000 threshold as its support zone and fell below $ 10,000 only for a short time from this process, the risk continues as the Bitcoin price still cannot rise above $ 10,500. According to reviews, Bitcoin tends to fill the CME gaps by 90%, and this time there is a CME gap waiting to be filled at around $ 9,600. While most analysts see BTC moving in this direction as possible, some think that BTC will not fill this gap this time radically.
Saying that Bitcoin may not fill the CME gap, analyst Willy Woo shared a chart and stated that not every bottom point turned into a trend in some way and was surpassed. Woo also stated that if BTC does not fill the gap this time, it will be the first on the daily charts.
If $ 10,500 is exceeded, things can speed up
In May-June, when Bitcoin was squeezed into the $ 9,000 threshold, it was seen that $ 9,900 was a difficult resistance zone. Now, Bitcoin is using this resistance zone as a solid support point. Looking at the daily candlestick charts, buyers are also showing a strong buying trend around this support zone. However, when looking at the 4-hour charts, it is noticed that the purchase volume has decreased.
In order to prevent the tendency to fill the CME gaps and to avoid the pressure that can be experienced in the $ 9,000 band again, Bitcoin is expected to rise above $ 10,500 primarily. According to Ray Salmond’s analysis, it is very important to monitor the closures above $ 10,500 on both daily and 4-hour charts as well as constantly increasing purchases for this to happen. In this scenario, most experts predict that the move towards the VPVR gap in the range of $ 10,500 – $ 11,300 will accelerate.
What Experts Say
While many experts believe the bullish rally is on the way, some still argue that caution should be exercised. Trader and analyst Josh Rager thinks that Bitcoin cannot rise until it reaches the $ 11,000 – $ 11,250 levels. Believing that Bitcoin will follow a more straight line up to these levels, Rager also criticized those who believe that Bitcoin will never fall below $ 10 thousand. Rager suggests that the leading coin may still post a close below $ 10k.
Against Rager’s cautious statements, there are also experts who argue that Bitcoin is entering an upward trend. Timothy Peterson, who has been accurate for a long time until now, said that he expects BTC earnings to increase with the chart he shared. He mentioned that when 30-day returns reached the lower threshold on the chart, the next 30-day gains increased 20% to 40%. It is observed that there is very little time left for the current 30-day BTC returns to reach the lowest point mentioned by Peterson.
Analyst and trader Michael van de Poppe, known as Crypto Michael on social media, pointed out that the dollar is also starting to weaken, suggesting that this could be a bullish signal for BTC. At the same time, referring to the decline of technology stocks, Michael argues that it would be wiser to invest in Bitcoin instead of buying from these stocks. Poppe emphasizes that Bitcoin faced a healthy correction in the bull market with the chart he shared, emphasizing that the BTC value, which is above the 100WMA and 200WMA values shown in the graph, is a good predictor for the rise.