Key Points:
Bitcoin Futures Market will fill the CME gap from mid-August. This is the latest indication of market strength.
Bulls must avoid turning that level into resistance, or a new local low awaits, the analysis says.
The all-time high of BTC prices could come in a few weeks.
Bitcoin (BTC) reached its major price target on Saturday as the analysis hits record and predicts a new all-time high.
Bitcoin price forecast with completed CME gap
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD spot reached $116,800 on BitStamp.
However, Bitcoin Futures stole the spotlight and reached $117,320, closing the major “gap” left over from the previous weekend.
The gap that appeared around August 23rd came from the downside of BTC prices over the weekend, with the future gradually “filling” over three weeks.
“When BTC fully regains this level, the door to the new ATH opens,” Crypto Investor and Antrepreneur Ted Pillows discussed in X’s post before the move.
Pillow warned that if prices treat the top of the gap as resistance, they could return to a monthly low of under $108,000.
But the weekend was a record high that was firmly back on the radar, but various signals rejected the idea that they were at the top of the cycle.
Keith Alan, co-founder of Trading Resource Material Indicator, told X followers that $124,500 was “not the top” for Bitcoin.
“Why? Because simply because there is too much institutional demand and the demand is increasing,” he summed up.
US Bitcoin Exchange-Traded Funds (ETF) saw net inflows of over $2.3 billion between five days and September 12th, per data from British investment firm Farside Investors.
Alan also referenced future interest reductions by the US Federal Reserve, although no odds guaranteed on September 17th for each data on CME Group’s FedWatch tool.
“There’s volatility and things will start to get tough,” he added.
Traders count down to the highest ever high
Considering the timing of the most popular trader Bitval of all time, the process unfolded in just two weeks.
Related: Bitcoin “Shark” adds 65K BTC per week with key demand rebound
He said this was because BTC/USD regained a key long-term trend line after a temporary loss in August.
“$BTC recovered the eight-year trendline level. There was a breakout in July and BTC lost this key level last month. But the Bulls closed a strong candle,” he explained along with the accompanying chart.
“This indicates that BTC has a very strong momentum and that new ATHs can occur in two or three weeks.”
Earlier this week, popular trader and analyst Rekt Capital similarly said that the bull market’s tops still haven’t referenced historical patterns.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
