The Current Landscape of Bitcoin
Bitcoin (BTC) has been on a wild ride lately, with prices slipping as we entered January 10. Following a brief period of success, those gains have washed away like washing machine socks in the spin cycle. As the digital tickers flicker, BTC finds itself wading through support levels swirling around the $7,000-$8,000 territory.
BTC Futures Gaps: What Are They Good For?
Let’s talk about Bitcoin futures gaps. These are like those mysterious black holes in the crypto universe. After reaching a tantalizing high above $8,400, BTC decided to take a break and wound up dropping another 2%, just below $7,750. We hit what’s called a “gap” in the futures market—imagine a partially opened bag of chips. In our case, the gap fell between $7,676 and $7,716, leaving investors and analysts scratching their heads.
Why Do Gaps Matter?
These gaps are significant because, historically, Bitcoin has shown a penchant for filling them. The latest drop followed twelve successive red candles. Yes, twelve! That’s not a countdown to a New Year’s Eve party but a sobering market reality.
Market Predictions: A Crystal Ball of Sorts
So, what does the crystal ball say about our beloved Bitcoin? Expert Michaël van de Poppe warns us that BTC could throw in the towel and tumble down to a low of around $6,400 if it doesn’t maintain levels above $7,500-$7,600. The stakes are high, considering a loss here might catapult us towards the dreaded $5,800 mark. Talk about a dramatic plot twist!
Experts Weigh In
With all this volatility, you can bet our friendly neighborhood trader Peter Brandt is keeping his eyes peeled. While he previously predicted a slump to $5,500 by July 2020, he’s also hinting that we might just be at the dawn of a mighty BTC bull market. But of course, it all hinges on avoiding the pesky “cryptocultists”—the name itself conjures up images of robed figures holding techy candles in the dark.
Altcoins: The Backseat Drivers
Now let’s circle back to altcoins, who seem to be imitating Bitcoin’s slow descent while avoiding a more significant crash. Ether (ETH), the king among altcoins, isn’t far behind and recently shed 1.6%, landing just around $136. Keep your eyes peeled, though, a slip below $133 could send it tumbling towards the $100 mark!
Good News for Cosmos
Amidst this chaotic atmosphere, Cosmos (ATOM) decided to pull a rabbit out of a hat, gaining 5.1%, thanks to news of its upcoming listing on Coinbase Pro. The overall cryptocurrency market cap currently sits at a hefty $205.5 billion, with Bitcoin holding the lion’s share at 68.5%. Not bad for a week of ups and downs, right?
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