June 16, 2024

A gap in the Bitcoin futures market suggests BTC will rise to $9,500

The gap in the Bitcoin futures market indicates that BTC will rise to $9,500

Bitcoin fell below $8,000 from yesterday's peak of $8,400, but according to Michael van de Poppe, BTC will go againup due to the emerging price gap in the futures market.

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

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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.

Analyst, Mikael van de Poppe, pointed out thatThere is a price gap in the CME Bitcoin futures market around the $7,960 price point, and Bitcoin has historically tended to fill such gaps.

“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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