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Bitcoin enthusiasts and traders are closely watching the market. Many expect Bitcoin ($BTC) to fill the CME gap at around $77,000. This gap, a level where the price on CME and other exchanges differs, has attracted significant attention. As discussed by Ali Martinez, a technical and on-chain analyst, such a gap can be potentially a price target but looks unlikely to happen in this case now.
Some people are waiting for #Bitcoin $BTC to fill the CME gap at around $77,000. But remember that, in the last bull cycle, two CME gaps were left open, and it took over 520 days to fill each one. pic.twitter.com/Qf1G2opthl
— Ali (@ali_charts) December 1, 2024
CME Gaps from Last Bull Market Took Over 520 Days to Close
While it is possible to talk about retrospective analysis of previous cycles. Two gaps on the CME reached the end of the last bull market and remained open for quite a long time. Each of these gaps took more than 520 days to close. This history suggests that such gaps may not fill quickly. The market is not very fast and the prices may fluctuate in the process.
Bitcoin Trades at $97,200 Amid Uncertainty Over $77K Gap
Currently, Bitcoin is trading at a much higher price point, currently sitting at $97,200. This is way above the $77,000 gap, meaning that the market is still in a volatile state. The traders are still torn between whether Bitcoin will continue rising or correct itself by getting to the gap. Market analysts are split on the result. Some predict a reversal, while others are fully optimistic expecting a gap fill soon.
Lastly, the price of Bitcoin is of great concern as people trade and invest, considering the given risks involved. The cryptocurrency market is volatile and is characterized by fluctuations.
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