Bitcoin

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<a href="https://bitcoinist.com/bitcoin-bottom-20-decline/" rel="nofollow">Crypto expert Michael van de Poppe</a> has highlighted an important indicator which suggests that Bitcoin could make a crucial bounce from its current price level. This follows the flagship crypto’s <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-drops-below-60000-key-reason-explained/">recent decline below $60,000</a>.&nbsp; 
<h2 id="btc-s-cme-gap-has-closed">BTC’s CME Gap Has Closed</h2> 
Van de Poppe revealed in an X (formerly Twitter) <a href="https://x.com/CryptoMichNL/status/1808525726947147990" rel="nofollow">post</a> that <a href="https://bitcoinist.com/bitcoin-price-bulls-cme-gap-retest-8k/" rel="nofollow">Bitcoin’s CME gap</a> has closed and added that it is time for the crypto token to enjoy a relief bounce from its current price level. From the chart he shared, Bitcoin will reclaim $60,000 as support before moving further to the upside.&nbsp; 
Related Reading: <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-burn-rate-volume/">Shiba Inu Starts July On A High Note: Burn Rate Surges 16,854%, Trading Volume Rises 170%</a> 
<img loading="lazy" decoding="async" class="size-medium wp-image-627860" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-1.png?w=460&amp;resize=460%2C249" alt="" width="460" height="249" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-1.png?w=460&amp;resize=460%2C249 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<a href="https://bitcoinist.com/bitcoin-gets-156000-price-tag/" rel="nofollow">Crypto analyst Mkybull Crypto</a> also confirmed that the CME gap has been filled. Like Van de Poppe’s prediction, the analyst expects Bitcoin to reclaim the $60,000 range and possibly continue its upward trend. Mikybull Crypto revealed that Bitcoin has completed its inverse head-and-shoulder pattern on the daily chart. He predicted that the flagship crypto could reach a minimum breakout target of $70,000 when it successfully breaks out above $62,000.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-627861" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-2.png?w=460&amp;resize=460%2C261" alt="BTC price" width="460" height="261" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-2.png?w=460&amp;resize=460%2C261 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
Mikybull Crypto also mentioned that the <a href="https://bitcoinist.com/bitcoin-death-cross-on-monthly-macd-spells-doom-for-december/" rel="nofollow">Moving Average Convergence/Divergence</a> (MACD) indicator indicates that a bullish cross is imminent for Bitcoin. He noted that this indicates strength for the flagship crypto and that its price is poised to rise. The crypto analyst is also undeterred by Bitcoin’s recent underperformance as he is confident that a parabolic rally will soon enough.&nbsp; 
&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-627862" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-3.png?w=460&amp;resize=460%2C261" alt="Bitcoin price 3" width="460" height="261" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-3.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-3.png?w=460&amp;resize=460%2C261 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
Contrary to what some might think, he claimed that the <a href="https://bitcoinist.com/bitcoin-cycle-top-13-on-chain-indicators/" rel="nofollow">cycle top</a> isn’t in yet and that this is simply a “final shakeout” before the market top is in. Based on the chart he shared, he predicts that Bitcoin will still climb above $100,000 and possibly reach $130,000. The analyst had <a href="https://bitcoinist.com/bitcoin-gets-156000-price-tag/#:~:text=More%20recently%2C%20crypto%20analyst%20Mikybull,peak%20in%20this%20bull%20run." rel="nofollow">previously mentioned</a> between $138,000 and $150,000 as “optimal targets for Bitcoin in this <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="nofollow">bull run.</a>” 
<img loading="lazy" decoding="async" class="size-medium wp-image-627863" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-4.png?w=460&amp;resize=460%2C261" alt="BTC price" width="460" height="261" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-4.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-4.png?w=460&amp;resize=460%2C261 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<h2 id="what-next-for-bitcoin">What Next For Bitcoin?</h2> 
With Bitcoin failing to hold above $60,000, the bearish calls are becoming louder in the crypto community. Some predict that the flagship crypto could <a href="https://bitcoinist.com/bitcoin-price-crashed-below-40000/" rel="nofollow">drop to the $40,000 range</a> soon enough. Crypto analyst CrediBULL Crypto <a href="https://x.com/CredibleCrypto/status/1808567855144648923" rel="nofollow">claimed</a> that “there is still a lot that must be done” for Bitcoin to drop that range, suggesting that it is unlikely to happen anytime soon.&nbsp; 
He also provided insights into what will likely happen to Bitcoin at its current price level. According to <a href="https://bitcoinist.com/can-dogecoin-reach-0-2/#:~:text=Crypto%20Analyst%20Reveals%20Bearish%20Expectations,-by%20Scott%20Matherson&amp;text=Crypto%20analyst%20CrediBULL%20Crypto%20has,low%20as%20%240.5%20soon%20enough." rel="nofollow">CrediBULL Crypto</a>, there is a chance that Bitcoin will wick the $58,000 low, hold a higher low above the $56,000 low, and then reverse from there. He further raised the possibility of Bitcoin dropping into the <a href="https://bitcoinist.com/bitcoin-targeting-50000-in-december-analysts/" rel="nofollow">$53,000 demand area</a> if the $56,000 lows are breached.&nbsp; 
Additionally, the crypto analyst mentioned that $40,000 could become possible if Bitcoin fails to hold above $53,000. However, he believes this scenario of Bitcoin dropping to $40,000 is “the least likely to actually play out.” He remarked that this isn’t something anyone should be placing “heavy weight on at <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="nofollow">this time</a>.” 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/DUdqHCn8/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Bitcoin Closes CME Gap, Expert Predicts What Happens Next

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