Home Latest Cryptocurrency News Bitcoin may head to $45k – $47k without CME gap filling, crypto analyst suggests

Bitcoin may head to $45k – $47k without CME gap filling, crypto analyst suggests

By Sam Grant - min read
Updated 21 March 2023

Market analyst Credible Crypto has set forth that CME gap filling isn't guaranteed
The analyst also pointed out that the bottom is likely in for Hedera (HBAR)

Popular crypto trader and market analyst Credible Crypto has given his views on the price movements of Bitcoin and Hedera Hashgraph. The analyst shared the forecast tweets on his page accompanied by respective analysis charts.

BTC/USD

Credible crypto quoted a tweet shared at the end of last week – when he anticipated Bitcoin to continue sideways trading, at the time, as it would "allow for some final pumps on many ALT/BTC pairings before $BTC drains them."

In his recent tweet, Credible Crypto argued that the flagship cryptocurrency could climb towards $47k without the CME gap and swing lows being filled.

BTC/USD trading chart. Source: Credible Crypto

"Still just chopping about and moving sideways. I know many are eyeing the CME gap and swing lows below and while these inefficiencies are often filled that is not always the case. A reclaim of RED and we likely head back to 45-47k without filling the gap," he posted.
His projection isn't baseless, as pointed out by one user who referenced a similar instance from September 2020 when the price of the crypto asset surged towards an all-time high as investors waited for a CME gap filling.

Bitcoin earlier today broke the $44,000 mark and is currently trading at $44,120. The fresh surge has been attributed to the decision by the Canadian government to invoke the 'Emergency Act' and include crypto in an extended surveillance against anti-money laundering.

HBAR/USD

The analyst, in a separate post, described the HBAR's trading activity as solid, noting that it had stayed in the $0.22 and $0.23 range as he had predicted on 12th February. Credible Crypto also pointed out that a bottom is probable, but its confirmation depends on reclaiming the marked 'Weekly Supply' zone.

HBAR/USD trading chart. Source: Credible Crypto

".22-.23 held like I was looking for and now pushing back up to weekly supply. Again, I think the bottom is likely in, but we need to reclaim this weekly region for confirmation."

HBAR, which fuels Hedera services and secures its network, is trading higher like the majority of the crypto coins in the market. The token has climbed up by over 17.50% and is changing hands at $0.26 at press time.