Key points:
Bitcoin futures markets fill a CME gap from mid-August, the latest sign of market strength.
Bulls must avoid turning that level into resistance, or new local lows await, analysis says.
BTC price all-time highs could come in a matter of weeks.
Bitcoin ( BTC ) hit a key price target on Saturday as analysis went on record to predict fresh all-time highs.
Bitcoin price outlook mixed with CME gap done
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spot hitting $116,800 on Bitstamp.
However, Bitcoin futures stole the spotlight, reaching $117,320 and closing a major “gap” left over from a prior weekend.
Appearing around Aug. 23, the gap resulted from weekend BTC price downside, with futures gradually “filling” it over a three-week period.
“If BTC fully reclaims this level, the doors towards the new ATH will open,” crypto investor and entrepreneur Ted Pillows argued in a post on X prior to the move.
Pillows warned that if the price treats the top of the gap as resistance, it may result in a return to monthly lows under $108,000.
All-time highs were firmly back on the radar at the weekend, however, amid various signals rejecting the idea that the cycle top was in.
Keith Alan, co-founder of trading resource Material Indicators, told X followers that $124,500 was “not the top” for Bitcoin.
“Why? Because there is simply too much institutional demand, and that demand is growing,” he summarized.
The US spot Bitcoin exchange-traded funds (ETFs) saw net inflows of over $2.3 billion in the five days through Sept. 12, per data from UK investment firm Farside Investors .
Alan also referenced upcoming interest-rate cuts by the US Federal Reserve, which, while not guaranteed, had 100% odds of occurring on Sept. 17, per data from CME Group’s FedWatch Tool .
“There will be volatility, and things are going to start getting spicy,” he added.
Traders count down to new all-time highs
Considering the timing for the all-time high, popular trader BitBull saw the process playing out in as little as two weeks.
Related: Bitcoin ‘sharks’ add 65K BTC in a week in key demand rebound
This, he said on the day, was due to BTC/USD reclaiming a key long-term trend line after briefly losing it in August.
“$BTC has reclaimed its 8-yr trendline level. It has a breakout in July, and last month BTC lost this key level. But now, bulls have closed a strong candle,” he explained alongside an accompanying chart.
“This shows BTC momentum is very strong, and a new ATH could happen in 2-3 weeks.”
Earlier this week, popular trader and analyst Rekt Capital likewise said that the bull market top was not yet in, referencing historical patterns .
