Bitcoin (BTC) Analysts Call BTC To Fall To $8,600 To Fill The CME Gap

Bitcoin (BTC) analysts have been calling for the cryptocurrency to drop to the $8,600 price range to ‘fill the gap’ of the Chicago Mercantile Exchange for more than a week now. The Bitcoin futures contract on the CME closed at $8,715 which was a strong performance considering that last Wednesday, the leading cryptocurrency plunged to $7,300 in a flash crash even as we reported in the Bitcoin news updates.

The thing is that, once CME closed for the week, Bitcoin shot even higher. The cryptocurrency reached a high of $10,600 as a monumental influx of buying pressure that allowed BTC to post the highest daily gains since 2011. When the CME’s futures opened on Monday, there was a gap of about $1,000 created. Some think that this doesn’t mean anything and that Bitcoin has a long history of filling the gap, but moving down or up to prices where the CME’s market didn’t trade at all, the Bitcoin (BTC) analysts call for it to fall now to the $8,600 region to fill the gap.

As can be seen on the charts, the CME Bitcoin future for November dropped in value on Tuesday morning from the previous $,400 to just under $8,300 in just a matter of minutes, filling the gap in the high $8,000 region. some analysts have suggested that this is a technical error on the CME’s behalf and the volume candles in the charts show that the trades were printed at these levels implying that it was anything but an error.

Also, the analysts found that the exact same time of the CME’s future plummeted, the price of bitcoin slipped on other major exchanges. According to the analysis, the fulfillment of the gap means that Bitcoin is cleared for takeoff. The popular analyst ‘Escobar’ argued that before Bitcoin can continue its bullish advances, it will have to fill the gap. Willy Woo, who is also a prominent analyst, tweeted and asked Escobar whether he expects the $8,600 gap to be filled and he answered:

 “I think so, BTC has a tendency to fill volume profile gaps and especially gaps in the CME. We still have time to burn before the BTC rocket ship takes off, so a high chance to do that while the price wanders sideways in consolidation.”