A recent video by JB discusses recent Bitcoin price action, potential future scenarios, and CME gaps.
Bitcoin experienced high volatility in the past week, with a 5.02% gain from Monday to late Thursday. The video analyzes price movements using Elliott wave theory and smart money concepts. Short-term patterns suggest a possible move to $26,785 to $26,679 followed by a move to $26,995 to $27,223.
On the daily chart, there’s a death cross with the 50 EMA dropping below the 200 EMA, indicating potential downward pressure. CME gaps at $34,445 and $21,110 to $20,330 remain unfilled, sparking debates on Bitcoin’s future direction.
Potential Future Scenarios
The video discusses whether the bottom is in for Bitcoin, with varying opinions on whether a bear market or a bull run is ahead. An analysis suggests potential targets of $20,000 to $12,000 if the bear market continues or $7,184 to $5,057 in a worst-case scenario. The possibility of filling the CME gap at $9,925 to $9,665 is also considered, implying Bitcoin prices below $10,000.