Key Points

• The Bitcoin Futures Market is set to cover the CME gap from mid-August, indicating market strength.

• Bulls need to avoid letting that level become a resistance point, or they might face a new local low, according to analysis.

• The price of Bitcoin could reach an all-time high in a matter of weeks.

Bitcoin (BTC) met its significant price target on Saturday, showing signs of new record highs based on analysis.

Bitcoin Price Forecast with Completed CME Gap

According to Cointelegraph Markets Pro and TradingView, BTC/USD has hit $116,800 on BitStamp. Yet, Bitcoin Futures made headlines by reaching $117,320, closing a major “gap” from the previous weekend.

This gap formed around August 23rd due to decreases in BTC prices over that weekend, and futures have been gradually filling it over the last three weeks.

“Once BTC fully regains this level, it will pave the way for a new all-time high,” remarked crypto investor Ted Pillows. He plans to share updates before making any moves.

However, Pillows cautioned that if the prices regard the top of the gap as resistance, a drop to a monthly low below $108,000 might be on the horizon.

The past weekend’s record high has certainly returned to the spotlight, although various indicators seem to suggest that this isn’t the peak of the cycle.

Keith Alan, a co-founder of Trading Resource Material Indicator, mentioned that $124,500 is a level that signals Bitcoin is “not at the top.” He backed this up by stating that there’s significant and rising institutional demand.

The US Spot Bitcoin Exchange Traded Fund (ETF) noted net inflows exceeding $2.3 billion during the five days leading up to September 12th, as per data from UK investment firms.

Alan also spoke about anticipated interest rate cuts by the US Federal Reserve, though uncertainties remain according to CME Group’s data.

“There’s volatility ahead, and conditions could become challenging,” he added.

Traders Awaiting New All-Time Highs

Famous trader Bitval highlighted an incredibly rapid process, unfolding over just two weeks.

He pointed out that BTC/USD regained a crucial long-term trend line after a brief slip in August.

“Bitcoin recovered levels from an eight-year trendline. There was a breakout in July, but after a setback last month, Bulls produced a strong candle,” he explained, sharing charts for clarity.

“This suggests that BTC is experiencing robust momentum, and new all-time highs may emerge in two to three weeks.”

Earlier this week, trader and analyst Rekt Capital echoed similar sentiments, noting that the peaks of the ongoing bull market have not yet reflected historical patterns.

This content does not offer investment advice or recommendations. All trading activities involve risks, and individuals should do their own research before making decisions.