Key Takeaways

• Analyst BitQuant maintains a highly bullish stance, predicting that Bitcoin will not fall “even close” to $100,000 this cycle and that a $145,000 price target remains in play.

• The recent BTC price dip to below $114,500 successfully filled a long-standing CME futures gap, a technical event that many traders see as a necessary correction before a renewed rally.

• Despite the bullish outlook, other analysts warn that Bitcoin’s recent move lacked strong volume, suggesting a potential for a deeper correction that could see the price drop to the $97,000 range.

After a recent 8.8% pullback from its record high, the crypto market is divided. While many traders fear a deeper correction, prominent analyst BitQuant offers a counter-narrative.

Known for accurate long-term predictions, he is confident that Bitcoin will not fall below the $100,000 mark this cycle, maintaining that the road to his $145,000 price target remains open.

The Case for Bullish Resilience

BitQuant’s predictions are based on an analysis of Bitcoin’s internal market structure, not external factors like inflation or the Federal Reserve.

He views the current correction as a normal, healthy part of the bull market. The recent price dip below $114,500, for instance, filled a “gap” in the CME Bitcoin futures market—a move that many technical traders believe is a necessary condition before the next leg of a rally.

The Bearish Counter-Argument

Not all market participants share BitQuant’s optimism. Trader Roman, holding a more conservative view, believes the $100,000 level is not guaranteed and warned that a close below $112,000 could lead to a drop to $97,000.

His bearish sentiment stems from the observation of weak volume at the latest all-time high, which he saw as a sign of an unsustainable move.

The recent drop has also liquidated $333 million in crypto positions in 24 hours, highlighting the market’s high volatility and risk.

Final Thoughts

The current market presents a classic technical battle. On one side, a highly-respected analyst sees a clear path to new highs, with the recent dip serving as a necessary and predictable technical event. On the other, conservative traders are looking at the lack of volume and the potential for a deeper correction.

The resolution of this debate will determine whether Bitcoin resumes its climb toward BitQuant’s $145,000 target or succumbs to the bearish predictions of a drop to the $97,000 range. For now, the market holds its breath, waiting for a definitive sign.

Frequently Asked Questions

What is a CME futures gap?
A CME futures gap is a price discrepancy on the Bitcoin futures chart on the Chicago Mercantile Exchange that occurs when Bitcoin’s price moves over the weekend while the exchange is closed.

Why do traders believe these gaps get filled?
Many traders believe that the price will eventually retrace to fill these gaps due to a combination of market efficiency, trader psychology, and the influence of institutional trading on the CME.

What does “this cycle” mean in crypto analysis?
“This cycle” refers to the current bull market, which is generally considered to have started with the end of the previous bear market and is expected to continue until a new market top is established.