BTC Can Still Drop To $2,700 Even Now, Even In 2020

The latest Bitcoin news show that the price of the most dominant coin BTC can still drop to $2,700 at any time, despite the recent wave of greens. As this price starts to slowly ascend, the question that everyone has is whether the latest bottom is in or whether there is more pain ahead of us.

In the technicals, we can see that the CME gap was higher than the weekend price and this was a 7% surge from the price during Saturday and Sunday. As expected, the gap was filled on December 4 as a $560 candle appeared out of nowhere and took the price of Bitcoin from around $7,240 to $7,800 in only a matter of minutes.

One thing that we’d like to note is that even though the dominant coin is posting gains recently, BTC can still drop to a low of $2,700. A solid reason behind this and a proof is the fact that Bitcoin has made explosive moves but only maintained them for a few hours before returning to the previous level. With this, it is evident that a gap needs to be filled.

The Bitcoin price closed on the CME Futures charts trading at $7,495 and at the time of writing, the cryptonews show that it is trading above $7,500. However, there isn’t much difference in the price this week and the CME gap filling will not be something that is so easy to spot.

In other words, if Bitcoin gains $200 to $300 this week (as we are at the start), the long positions should be kept on $7,500 to avoid any unpleasant repercussions. Even though BTC can still drop to $2,700, we can see that the MACD indicator looked poised for a new bullish cross lately. As such, the MACD is moving in a north direction right now and can be replicated on higher time frames soon.

History has no real reason to repeat itself. But if it does, as we could see from so far, perhaps the next few months are only going to get worse for the major digital asset. In a scenario like that, BTC can still drop to a low in the $2,000 region which would be catastrophic for the entire market.