The gap in the Bitcoin futures market indicates an increase in BTC to $ 9,500

Bitcoin fell below $ 8’000 from yesterday's top of $ 8’400, however, according to Michael van de Poppe, BTC will go again up due to a price gap in the futures market.

On Wednesday, the Bitcoin rate reached the mark of 8’400dollars, later collapsing at $ 500 - support in the range of $ 8’000 turned out to be weak, the BTC / USD pair reached a 24-hour low of $ 7’850. At the time of printing, BTC is changing hands for $ 7’900.

Bitcoin started to rise last week,when the crisis in Iran broke out, despite the mixed opinion about whether geopolitical events affect cryptocurrency. While the highest levels lasted only a few hours, analysts began to pay attention to the likelihood that Bitcoin would create support closer to $ 8,000 or higher.

The analyst, Michael van de Poppe, indicated that there is a price gap in the CME bitcoin futures market - around the $ 7’960 price tag, and bitcoin has historically sought to fill such gaps.

$ BTC #BITCOIN

This flip would be the best + closing the CME gap.

Breakout upwards and I’d be aiming for $ 9,500 (or $ 11,000 as $ 9,500 is the same as $ 6,000 -> everybody wants to short there -> extra fuel).

Losing green and $ 6,900 - 6,400 are on the table. pic.twitter.com/jBS7jG34Sy

- Crypto Michaël (@CryptoMichNL) January 9, 2020

“This reversal would be the best option + overcoming the gap on the CME”- he summed up in his last post on Twitter.

Continuing, Van de Poppe suggested that a potential rebound could send BTC / USD well above Wednesday's peak:

“A breakthrough will open the way to $ 9,500 ($ 11,000 for $ 9,500 is the same as $ 6,000 for short positions)."

In the long run, the mood is graduallybecomes bullish. The famous Bitcoin supporter, Murad Makhmudov, turned to the Wyckoff method this week to demonstrate the strength of Bitcoin’s current position. In particular, the analyst concluded that the BTC / USD pair showed a "sign of strength", which paves the way for further growth.

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