Analysts show that there are factors that can cause the BTC price to fall to $44,500 in the short term. Bitcoin (BTC) began to show new signs of an impending correction on March 31, when the price movement began to close the gap of CME futures over the weekend.
CME Futures Chart shows Deficit
Data from Cointelegraph Markets Pro and TradingView show that BTC/USD suddenly dropped by $1,000 within minutes on Bitstamp after the Wall Street open on March 31. The bitcoin/US dollar pair has changed after failing to strengthen at $48,000 as support at the beginning of the week amid calls to retest lower levels after significant gains.
At the time of writing, bitcoin is trading just below $46,000, having reached its lowest level since the night of March 27. Analysis of the CME futures chart shows that the short-term price dynamics may have a bearish target in the form of a “deficit” from last weekend. On March 25, CME bitcoin futures traded around $44,650, but opened at $46,725 on March 28.
How do analysts predict the price of bitcoin?
According to experts, this gap may well be filled on the basis of historical precedents. This means that bitcoin will experience another $2,000 drop. However, popular Twitter user CivEkonom states that the previous Bitcoin (BTC) deficit, hidden between $52,000 and $54,000 last year, is still the same. A popular Twitter user stated the following about this:
Gaps are always filled with CME Bitcoin futures.
An Anbessa analyst said in an update for Bitcoin (BTC) during the day that he also prefers a return to the $44,000 mid-range, but a deeper move for now could challenge the bullish outlook. Meanwhile, as Somanews previously reported, sentiment towards cryptocurrencies continues to correct in the Crypto Fear and Greed Index, which first reached the territory of “greed” in 2022.