BTC eyes $84K CME gap target 'imminently' as Bitcoin struggles above 2021 peak
Short-term Bitcoin price predictions split market observers, with some forecasting further macro downside while others target an $84,000 rally.
As weekend trading commenced, Bitcoin (BTC) experienced a failure to maintain support at the $69,000 level, with analysts calling for additional macro downside ahead.
Key points:
- Bitcoin faces a lack of acceptance above $69,000, while traders see new lows to come.
- Analysis says that the rebound into the weekend was nothing more than a "relief rally."
- Two CME futures gaps provide potential targets for BTC price upside.
Analysts caution BTC price bottom "not in"
Information from TradingView revealed BTC price performance declining by over $4,000 compared to the session's opening price.
As the previous 2021 record high continued converting into a resistance level, cautious market participants remained unconvinced of any sustainable recovery.
"TLDR: The $BTC bottom, is not in. My priority right now is capital preservation," Keith Alan, cofounder of trading resource Material Indicators, warned X followers the day prior.
"If you're thinking, 'We're so back,' we're not. There is literally no evidence of that yet."
According to Alan, the 2021 $69,000 peak levels represented an "important" marker during what he characterized as the current "relief rally."
"$60k was a gift yesterday, but there's a high probability that lower is likely before the Bull Market returns," he continued.
Taking a broader perspective, trading analyst Rekt Capital identified additional reasons suggesting the bearish BTC price trajectory may not have concluded.
"Whenever Bitcoin peaks in its Bull Market in Q4 of the Post-Halving year... It tends to produce a multi-month Relief Rally from the Macro Triangle Base before breaking down from the Triangle to transition into Bearish Acceleration," he wrote on X, comparing BTC/USD with the 2022 bear market.
"This is the 4th consecutive cycle that this historical tendency has continued. And history suggests there's more downside to come."
Optimistic traders focus on CME gap fills
The pullback observed on Saturday, in the meantime, created an additional prospective "gap" within CME Group's Bitcoin futures marketplace.
Representing a traditional near-term price attraction point, this gap now accompanied another existing one positioned at $84,000, with both capturing the attention of market participants anticipating a wider relief movement.
"Today: correction day. Tomorrow: back up again towards the CME gap. Next week: continuation to $75k+," crypto trader, analyst and entrepreneur Michaël van de Poppe forecast.
Samson Mow, CEO of Bitcoin adoption company JAN3, highlighted the upper CME gap as one of two questions that "every financial analyst should be asking themselves."
His second consideration centered on whether major corporate purchasers would capitalize on opportunities to acquire BTC for their balance sheets at present 15-month low valuations.
"I believe the answers are not for long and very soon," he concluded.