Will BTC fill another CME gap on the way down?
The past few days have been nothing short of violent rollercoasters that brought bitcoin and most altcoins down to multi-month lows.BTC is notorious for its volatility, especially in the TradFi ecosystem, where double-digit price moves in either direction are almost never seen.
Bitcoin has definitely matured lately compared to its previous massive crashes of 20-30% in a day. However, it still endures some vivid fluctuations, which seem more violent now, given the higher price. Percentage-wise, though, even yesterday’s big crash pales in comparison to countless others in the past.the real bottom is not in, and the asset could drop to as low as $74,000. Merlijn The Trader also noted that there could be another leg down in BTC’s cards, due to the existence of a CME gap at around $92,000. Such gaps are often filled, even weeks or months later, and Merlijn suggested that the final shakeout might be around the corner. After predicting another retracement to $92,000, the analyst outlined that it could be the exact push the cryptocurrency needs to stage another rally to fresh peaks. In a separate post, Merlijn noted that Phase E was confirmed as the Wyckoff blueprint “played out to perfection.” HeAdditionally, Merlijn outlined the declining BTC reserves on exchanges, which just hit a new all-time low. He commented that such supply drops are rarely combined with price pullbacks, and described it as the “perfect storm is brewing.”Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.
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