The Great Bitcoin Gap: Will BTC Plummet To Fill The Void At $19,500?
September 05 2023 - 8:00PM
NEWSBTC
Bitcoin (BTC), the leading cryptocurrency in the market, continues
to exhibit a stagnant price movement. However, a notable
development has emerged as BTC struggles to sustain consolidation
above the critical $26,000 threshold. This could potentially
present challenges for the cryptocurrency’s performance. Currently
trading at $25,700, Bitcoin is on the cusp of a significant
breakout. This breakout can exert pressure on short positions and
liquidity pools positioned above or to fill the gaps on lower
levels of the Chicago Mercantile Exchange (CME). What’s more
concerning is that these gaps are located near what many experts
believe to be the bottom of the Bitcoin bear market. Bitcoin
Double Top Formation And Implications For Price Renowned crypto
analyst Rekt Capital has recently shared valuable insights on
Bitcoin’s price action and charts, shedding light on the likelihood
of the cryptocurrency filling the CME gap at $19,500 and
$20,500. Related Reading: Solana (SOL) Price Prediction:
2023, 2024, 2025 and Beyond In a YouTube video uploaded on
September 5, Rekt Capital emphasizes the significance of BTC’s
weekly chart in understanding its recent movements. According to
Rekt Capital’s analysis, Bitcoin’s weekly chart reveals a double
top formation at $30,800, a pattern historically followed by
symmetrical downside movements. Drawing from this observation, Rekt
Capital suggests that the current price action could potentially
open the doors to filling the CME gap at $19,500 in the short term.
Another factor highlighted by Rekt Capital is the importance of the
$26,000 support level, which Bitcoin is currently losing. The
analyst suggests this loss could further extend BTC’s downside
price action, bringing it closer to the CME gap. Adding to the
concern, Rekt Capital points out a bearish fractal published on
August 30, in which Bitcoin’s weekly chart indicates a lower high,
signaling a continuation of the downtrend. In the event of a
revisit to the sub $20,000 level, Rekt Capital notes the
possibility of a head and shoulders pattern forming on BTC’s weekly
chart. While the right shoulder of the pattern is yet to be
completed, the overall structures indicate that the pattern could
eventually be fulfilled. Rekt Capital’s analysis underscores the
significance of BTC’s current price action and charts, highlighting
potential scenarios such as filling the lower CME gap and
navigating the obstacle presented by the already filled gap at
$28,000. The outcome of these scenarios for the dominant
cryptocurrency in the market is yet to be determined. However, what
is evident is the prevailing bearish sentiment that has gripped the
Bitcoin market, instilling apprehension among investors. Related
Reading: Crypto Analyst Presents Bull Case For XRP Price To Hit
$130, Here’s When BTC has experienced a 0.8% decline over the past
24 hours and a 7.8% decrease over the seven days, with its current
trading price falling below the $25,800 mark. Featured image from
iStock, chart from TradingView.com
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