Bitcoin Expert Predicts Correction To $78,000 CME Gap, Reveals Date For Next Bear Market

Bitcoin (BTC) has recently experienced a massive surge, rising over 39% since November 5th to reach a new record high of $93,250 on Wednesday. However, the largest cryptocurrency by market capitalization has since experienced a pullback and is currently trading around $88,800. Market analyst Quinten Francois has suggested that this retracement could extend further, potentially dropping below the $80,000 mark due to a significant CME gap located beneath this level. 12% Retracement Ahead? CME gaps refer to price discrepancies on the Chicago Mercantile Exchange Bitcoin futures chart, where the closing price of one trading day differs from the opening price of the next. These gaps often arise following substantial price movements and are typically filled as the market stabilizes. Francois has identified a CME gap at the $78,000 level, which would represent a retracement of just over 12% from current prices if filled in the coming days. Related Reading: Solana Rising: Key Metrics Hint At Serious Ethereum Competitor Such a correction could be healthy for BTC, as it often liquidates long positions, setting the stage for future upward movements. Historical patterns suggest that these pullbacks can provide the necessary liquidity for the cryptocurrency to advance further. However, if Bitcoin sees increased selling pressure at this level, additional support levels are identified at $72,000 and $69,000. The potential for a drop below these levels would take BTC back to the prices seen before Donald Trump’s election victory on November 5th, which many believe was a catalyst for the recent price spike. Could Trump’s Bitcoin Strategy Influence Future Price Movements During his presidential campaign, Trump continuously expressed his intention to support the growth of digital assets, positioning Bitcoin as a central element of his next administration’s economic policy. One of Trump’s promises includes establishing Bitcoin as a strategic reserve asset for the United States. Pro-crypto Senator Cynthia Lummis has taken this initiative to the Senate by introducing the Bitcoin Act, which aims to increase US Bitcoin reserves to 1 million coins, potentially reducing market supply and positively impacting the BTC price. Related Reading: Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout Francois has also forecasted a bear market for the broader cryptocurrency sector, predicting it could emerge between 2026 and 2027. This suggests that the next two years will likely witness an extended bull run for Bitcoin and the overall digital asset ecosystem. However, the expert cautioned that if the $78,000 CME gap is not filled before a significant price rally, it may need to be addressed in the subsequent bear market phase, suggesting further price fluctuations ahead. Featured image from DALL-E, chart from TradingView.com

Nov 15, 2024 - 05:00

Bitcoin Expert Predicts Correction To $78,000 CME Gap, Reveals Date For Next Bear Market

Bitcoin (BTC) has recently experienced a massive surge, rising over 39% since November 5th to reach a new record high of $93,250 on Wednesday. However, the largest cryptocurrency by market capitalization has since experienced a pullback and is currently trading around $88,800.

Market analyst Quinten Francois has suggested that this retracement could extend further, potentially dropping below the $80,000 mark due to a significant CME gap located beneath this level.

12% Retracement Ahead?

CME gaps refer to price discrepancies on the Chicago Mercantile Exchange Bitcoin futures chart, where the closing price of one trading day differs from the opening price of the next. These gaps often arise following substantial price movements and are typically filled as the market stabilizes.

Francois has identified a CME gap at the $78,000 level, which would represent a retracement of just over 12% from current prices if filled in the coming days.

Such a correction could be healthy for BTC, as it often liquidates long positions, setting the stage for future upward movements. Historical patterns suggest that these pullbacks can provide the necessary liquidity for the cryptocurrency to advance further.

However, if Bitcoin sees increased selling pressure at this level, additional support levels are identified at $72,000 and $69,000. The potential for a drop below these levels would take BTC back to the prices seen before Donald Trump’s election victory on November 5th, which many believe was a catalyst for the recent price spike.

Could Trump’s Bitcoin Strategy Influence Future Price Movements

During his presidential campaign, Trump continuously expressed his intention to support the growth of digital assets, positioning Bitcoin as a central element of his next administration’s economic policy.

One of Trump’s promises includes establishing Bitcoin as a strategic reserve asset for the United States.

Pro-crypto Senator Cynthia Lummis has taken this initiative to the Senate by introducing the Bitcoin Act, which aims to increase US Bitcoin reserves to 1 million coins, potentially reducing market supply and positively impacting the BTC price.

Francois has also forecasted a bear market for the broader cryptocurrency sector, predicting it could emerge between 2026 and 2027. This suggests that the next two years will likely witness an extended bull run for Bitcoin and the overall digital asset ecosystem.

However, the expert cautioned that if the $78,000 CME gap is not filled before a significant price rally, it may need to be addressed in the subsequent bear market phase, suggesting further price fluctuations ahead. Bitcoin