Why Expiry of CME Bitcoin Futures Suggests BTC Price to Soon Pass $8,000

On Friday, the Chicago Mercantile Exchange’s cash-settled Bitcoin futures contract for the month of November was reported to have expired by a number of analysts. While these financial derivatives are cash-settled, analysis by a top cryptocurrency trader suggests that the expiry of the monthly futures means that BTC has a positive price trajectory into the coming two weeks.

Related Reading: Eerie Bitcoin Fractal Suggests Bottom in at $6.6k, Surge to $8k Likely

Why BTC Price Likely to Surpass $8,000 Next Week

Popular CNN-featured trader Luke Martin recently released an analysis about the expiry of CME monthly futures and their effect on the BTC price. He found in his research (which factored in data going back to the June 2018 expiry) that BTC largely trends positively in the one or two weeks after the expiry of a future; Bitcoin sees a 2.9% average gain one week after expiry, and a 3.9% average gain two weeks after expiry.

Yes, an average 2.9% gain in a week isn’t that much by cryptocurrency standards, but these statistics show that Bitcoin’s directionality in the coming weeks should be positive should history repeat itself.

Martin’s analysis of the CME expiries corroborates other bullish analyses that have been proposed by investors in the industry. For instance, Velvet, a trader who partially foresaw the decline of BTC to under $8,000, then $7,000, wrote that he thinks Bitcoin is looking extremely bullish right now.

Per previous reports from NewsBTC, he remarked that BTC  has finished a five-phase wave pattern, has bounced off the golden Fibonacci Retracement level…

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