The Bitcoin market is presently consolidating around $108,000 following a rather turbulent trading weekend, which pushes the leading cryptocurrency about 14% away from its present all-time high of around $124,457. Notably, investors’ sentiments appear mainly neutral amidst this extensive correction as many await any bullish signal for a potential recovery. Meanwhile, popular crypto analyst with X username KillaXBT is confident of an immediate short-term price relief, citing the presence of a CME gap.
Last weekend, the CME market closed on August 23rd with Bitcoin trading at 116,939 before opening again on August 25th, when prices now traded at $112,600, leaving a clear $4,300 price gap on the CME chart. Since then, Bitcoin has even slipped further, with prices now trading around $108,200. However, KillaXBT explains that since trading at $16,000, the Bitcoin market has seen 98% of weekend CME gaps filled. This historical performance presents a potential 8% upside if prices were to return to around $116,939. Notably, the monthly close is fast approaching, which represents a period often marked by volatility and institutional rebalancing. If bulls can regain momentum and push BTC back toward the $116,900 range, it would not only close the CME gap but also re-establish strength after a period of multi-week correction.
Referencing past halving cycles, Killa XBT notes this one has lasted 490 days, and based on historical patterns, there could be another 30–45 days before a top is likely. However, a key support lies between $106,000–$107,000. A breakdown below $100,000 would invalidate the thesis and trigger an exit or re-entry strategy.
At the time of writing, Bitcoin continues to trade at $107,954, reflecting a 3.44% decline in the past day.
