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Bitcoin has gone through a rally in the past couple of weeks. Despite the stumble it experienced just days ago, it can now be seen of breaking the $8,000 price level again, which some analysts think as the beginning of an upside momentum.
While the most conservative prediction is $9,000 and the most common is $10,000, there's an analyst who believes that Bitcoin is actually heading to a significantly higher level than those.
He based his prediction on the price gaps on CME Bitcoin Futures Chart which have yet to be filled.
Tracking the largest crypto all-time price movement, the chart shows 2 unfilled gaps, which suggest that Bitcoin is targeting $17,700 and $18,500, which are the two BTC price levels without candle bodies.
$BTC CME gaps yet to be filled;
— 𝓡𝓪𝓶𝓹𝓪𝓰𝓮 🦍 (@Thrillmex) May 21, 2019
- $18,500
- $17,700
Look's like we're headed back to fill those gaps! pic.twitter.com/DUiCdX23cq
To those unfamiliar, “filling the gap” is a process in which an asset returns to previous price levels where a void in a chart has formed, due to the price of the asset rising or declining quickly while trading is offline, as explained by News BTC. The price of the asset is significantly lower or higher than it was at close when the trading resumes, thus leaving a gap.
In trading, these gaps often act as magnets for price action. It happened recently when BTC price flash crashed to $6,600 on May 16, which is said to fill the gap left during BTC’s parabolic increase earlier that month.
$BTC - CME Futures Gap officially filled
— Josh Rager 📈 (@Josh_Rager) May 17, 2019
Looks like that was the dip to buy
This is very bullish pic.twitter.com/hYCRMKUj2i
Among the different kinds of gaps, the gaps found on BTC charts are said to be runaway gaps, which happen when there is strong impulse moves in either direction. Another possibility is they are breakaway gaps, which are the gaps typically supported by high volume since they’re found near reversal.
Regardless, as Bitcoin breaks above $8,000 again just a couple of hours ago, excitement as well as questions abound among investors. What will provide the next big catalyst to bring BTC to $100K?
Those who "gave up" on Bitcoin and turned to altcoins might want to reconsider as the expected altseason may need more time to arrive.
As always, stick with Chepicap for updates from the crypto market.
WATCH: Altseason COMING, but NOT here yet... This is what we need to see first!