Is Bitcoin on the Brink of a $77,000 Plunge? Analysts Weigh In on CME Gaps

The CME Gap and Bitcoin's Price Predictions

Some analysts are raising alarms about a potential Bitcoin crash due to the Chicago Mercantile Exchange (CME) gap. This gap could lead to a significant price drop, with predictions suggesting Bitcoin may plummet near the $77,000 mark.

Bitcoin Could Slide To $77,000

Crypto analyst Egrag Crypto believes that recent corrections could drive Bitcoin down to $77,000. Since October 2022, Bitcoin has faced about seven major drops, averaging a 23.53% decline each time. Egrag noted, “From the current high of around $108,975, we’re looking at a potential drop to the lower end of the CME GAP (between $77K-$80K).”

CME Gap At $80,000

Another analyst, XForceGlobal, highlighted a 1D CME gap at $80,000, stating that historically, 90% of daily CME gaps larger than $1,000 have eventually been filled since 2018. However, they pointed out that the timing and method of filling these gaps remain unpredictable.

Potential Market Dump in January?

Egrag also speculated that the upcoming inauguration of President-elect Donald Trump could trigger selling pressure for Bitcoin, leading to a possible market dump on Inauguration Day (January 20, 2025). He suggested two scenarios: one where Bitcoin surges to $120,000 before dropping to the CME gap, and another where it falls to $70,000-$75,000 before resuming its bull run.

Image credits: Pexels, chart from TradingView