The Great Bitcoin Gap: Will BTC Plummet To Fill The Void At $19,500?

Ronaldo Marquez

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin (BTC), the leading cryptocurrency in the market, continues to exhibit a stagnant price movement. However, a notable development has emerged as BTC struggles to sustain consolidation above the critical $26,000 threshold. This could potentially present challenges for the cryptocurrency’s performance.

Currently trading at $25,700, Bitcoin is on the cusp of a significant breakout. This breakout can exert pressure on short positions and liquidity pools positioned above or to fill the gaps on lower levels of the Chicago Mercantile Exchange (CME).

What’s more concerning is that these gaps are located near what many experts believe to be the bottom of the Bitcoin bear market.

Bitcoin Double Top Formation And Implications For Price

Renowned crypto analyst Rekt Capital has recently shared valuable insights on Bitcoin’s price action and charts, shedding light on the likelihood of the cryptocurrency filling the CME gap at $19,500 and $20,500.

In a YouTube video uploaded on September 5, Rekt Capital emphasizes the significance of BTC’s weekly chart in understanding its recent movements.

According to Rekt Capital’s analysis, Bitcoin’s weekly chart reveals a double top formation at $30,800, a pattern historically followed by symmetrical downside movements. Drawing from this observation, Rekt Capital suggests that the current price action could potentially open the doors to filling the CME gap at $19,500 in the short term.

Another factor highlighted by Rekt Capital is the importance of the $26,000 support level, which Bitcoin is currently losing.

The analyst suggests this loss could further extend BTC’s downside price action, bringing it closer to the CME gap. Adding to the concern, Rekt Capital points out a bearish fractal published on August 30, in which Bitcoin’s weekly chart indicates a lower high, signaling a continuation of the downtrend.

In the event of a revisit to the sub $20,000 level, Rekt Capital notes the possibility of a head and shoulders pattern forming on BTC’s weekly chart. While the right shoulder of the pattern is yet to be completed, the overall structures indicate that the pattern could eventually be fulfilled.

Rekt Capital’s analysis underscores the significance of BTC’s current price action and charts, highlighting potential scenarios such as filling the lower CME gap and navigating the obstacle presented by the already filled gap at $28,000.

The outcome of these scenarios for the dominant cryptocurrency in the market is yet to be determined. However, what is evident is the prevailing bearish sentiment that has gripped the Bitcoin market, instilling apprehension among investors.

BTC has experienced a 0.8% decline over the past 24 hours and a 7.8% decrease over the seven days, with its current trading price falling below the $25,800 mark.

Featured image from iStock, chart from TradingView.com

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.