Study Finds A 77% Chance Bitcoin Price Could Visit $10k This Week

A new market study is now viral in the latest cryptocurrencies news, showing that the dominant coin Bitcoin can trade above $10,000 just like it did 72 hours ago. The study finds that there is a 77% chance of Bitcoin trading above $10,000, even with the strong drop that the BTC cryptocurrency sustained a couple of days ago.

All of the results in the study culminated on Saturday evening and Sunday morning, when the Bitcoin price crashed from the $10,000 highs to $8,100 within the span of a few hours. This was a strong drop that liquidated over $200 million worth of long positions on BitMEX, as reported by us before this.

$BTC CME opens to a $1265 gap, its largest ever I think.

Here's a chart of the recent $500+ gaps. pic.twitter.com/P9oDGo1HOW

— Hsaka (@HsakaTrades) May 10, 2020

The stark reversal of the Bitcoin price from the highs has convinced many people of a bearish case. One prominent trader who last year predicted BTC’s 2019 bottom of $6,400 said that he expects another move to $6,400. However, the Market Science study finds a 77% chance that BTC trades at $10,000 within the next week.

Furthermore, the study analyzes the current strength of Bitcoin and indicates what is possible in the coming period for the most dominant coin. Because the Chicago Mercantile Exchange’s Bitcoin futures don’t trade on weekends, there are normally “gaps” that are formed on the charts on every Monday morning.

The crypto market is open 24/7, meaning that from the CME close on Friday to the opening on Monday morning, there can be some volatility which creates such gaps. Just today, BTC formed a record $1,265 gap, as a top trader noted (shown above). This was formed because the Friday price action on the exchange closed at $10,000 while the Monday price action opens with BTC trading at $8,785.

This is a potentially bullish sign for the dominant coin. As the Bitcoin news now show, the study finds a 77% chance of an increase to $10,000 very soon – “in the subsequent week” after the gap forms, as the study explained.

While the historical data is now sound, it is important to note that the gap which just formed is the largest CME gap ever for Bitcoin. One popular trader shared a chart (shown below), in which he showed that there are remarkable similarities between the BTC price action for all of 2020 and the one over the past three days.

$btc $btcusd #btc$btc daily & $btc hourly

see some similarities ?#Fractals4Ever pic.twitter.com/zSSgLeEi6e

— Coiner-Yadox (@Yodaskk) May 10, 2020