On Dec. 1, U.Today reported that crypto traders expected the Bitcoin price to bounce back in case of a daily close above the $7,400 level. However, the miracle didn't happen, and the BTC price continues to keep spiraling downwards.
At press time, Bitcoin is sitting at $7,247 after dropping to an intraday low of $7,189, CoinStats data shows.
$7,800 is still possible
Still, even after this failed attempt at a speedy recovery, some technical analysts believe that the crypto king might pull off a surprise move to $7,800. The reason behind this bullish prediction is a CME futures gap that could be filled within 24 hours.
Chicago-based CME Group a force to be reckoned with in the crypto market after it debuted its cash-settled Bitcoin futures in December 2017. However, it opens and closes in tandem with other Wall Street's market while Bitcoin trading is live 24/7.
Hence, if Bitcoin experiences a major in either direction when the CME market is closed on its candlestick chart. These gaps are widely tracked by technical analysts because the leading cryptocurrency has a historical tendency to revisit these price levels.
"Short the corn"
Whether Bitcoin is going to fill the aforementioned gap or not, Josh Rager's crystal ball shows that a drop below the $7,000 level seems to imminent. As of now, he sees the $7,150 area as a major stronghold for the bulls since the coin's trading volume tends to drastically increase in this range.
"CryptoThies" says that Bitcoin's recent price drop has "squashed" any remaining sentiment, and it's now time to "short the corn."