After forcefully broke through the USD 10,000 mark on Sunday, followed by a flash-crash down to USD 9,700 on Monday morning, analysts now predict that even larger gains may lie ahead for the number one digital asset.
While the short-lived sell-off seen in the early hours of trading on Monday may have scared off some short-term speculators, the consensus in the community appears to be that this is normal profit-taking, potentially combined with a so-called “” on the CME futures market.
$BTC Update
— Hsaka (@HsakaTrades)
At pixel time (08:39 UTC), BTC trades at c. USD 9,943 and is down by 2% in a day, trimming its weekly gains to 6%. The price is up by 24% in a month.
BTC price chart:
A gap in trading refers to the gap between the closing price one day and the opening price on the next trading day. In the case of the CME, trading is closed during weekends, and the futures market, therefore, has to catch up with that has happened in the spot market over the weekend. With large weekend moves in the underlying market, a gap up will be visible on the futures chart, and traders tend to “fill” these gaps by selling futures contracts.
Looking at the longer-term picture, however, Willy Woo, a popular bitcoin analyst, said the breakout we have witnessed in bitcoin is “the real deal,” given that “fundamental investment activity is backing” it.
Lower chart tracks investor velocity (the buy and hold people, not short term traders). This metric corrects for de… https://t.co/VjKNUNqSap
— Willy Woo (@woonomic)
Sharing this bullish sentiment was also Anthony Pompliano, famous crypto personality and co-founder of Morgan Creek Capital, who shared his take on the breakout on Twitter, writing:
