Bitcoin (BTC) faces the risk of dipping below its previous all-time highs from March 2024, as recent price declines have effectively erased the gains known as the “Trump pump.”
So, where might BTC/USD find its bottom? Cointelegraph examines the most talked-about targets among crypto traders and analysts.
BTC Price Approaches Significant CME Futures Gap
Traders are paying close attention to the “gap” in CME Group’s Bitcoin futures markets that was established during its rise to $100,000 and above.
This gap is positioned at $78,000, and by February 28, BTC/USD has nearly “filled” this gap.
“Bitcoin is nearing the completion of its CME Gap, created back in November 2024. The CME Gap ranges from $78,000 to approximately $80,700,” trader and analyst Rekt Capital noted in a post on X the prior day.
Additionally, Rekt Capital pointed out another CME gap upwards around $92,000, which could serve as a target if a relief bounce occurs.
CME Group Bitcoin futures 1-day chart. Source: Rekt Capital/X
As previously reported by Cointelegraph, CME gaps often act as short-term magnets for BTC price, getting resolved within days or even hours of their formation. Even gaps that remain open for extended periods typically get revisited when Bitcoin’s overall trend shifts.
Bitcoin Veteran Confirms Long-Term $76,000 Target
During the climb to recent highs around $110,000, one seasoned participant in the crypto market maintained a cautious outlook for the near term.
BitQuant, a pseudonymous user on X known for predicting various BTC price highs and lows, has long suggested that a significant correction is imminent.
Back in December, he anticipated that a drop back to Bitcoin’s old trading range at $90,000 would not provide strong support.
“Sorry, but no, $90K was not the dip,” he asserted at the time.
Currently, BitQuant is reiterating his long-term view, suggesting a trip down to the mid-$70,000 region before BTC resumes its upward trajectory.
“Are you panicking again? Panic buying or panic selling?” he questioned his followers on X on February 28.
BTC/USD 1-day chart. Source: BitQuant/X
Bitcoin Bids Positioned Down to $70,000
When it comes to using exchange order book buyer interest to anticipate market bottoms, traders are engaging in a high-risk endeavor.
Related: Severe 20% Ethereum price drop isn’t over, but could there be a silver lining for ETH?
Cointelegraph previously reported that such liquidity often results from manipulation by large-volume market players, who can add or remove orders instantaneously to sway price movements.
Currently, liquidity is deepening within the $70,000-$80,000 range.
“$BTC has around $1.8 Billion in bids on the Binance futures pair. These bids are located between $70K and $79K,” trader Daan Crypto Trades reported.
“The outcome when large bids like these appear can vary. Sometimes, the price never reaches them; when it does, it often fills a substantial number before reversing shortly afterward. Keep in mind these are bids that can easily be pulled at any moment. This is noteworthy as such an amount is rarely seen.”
Bitcoin futures order book liquidity data (Binance). Source: Daan Crypto Trades/X
The latest data from the monitoring platform CoinGlass shows that five-day long liquidations in the crypto market have exceeded $3 billion, illustrating the risks associated with what Keith Alan, co-founder of trading suite Material Indicators, describes as “catching a falling knife.”
“This is the Bitcoin correction we’ve been waiting for,” he shared with his followers on X alongside the daily BTC/USD chart.
“I’m looking for a wick to the trend line. More importantly, I’m looking for buyers to step in… as long as they don’t front-run me.”
BTC/USD 1-day chart. Source: Keith Alan/X
This article does not constitute investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making decisions.
