Bitcoin (BTC) recently reached a groundbreaking all-time high of $93,250, marking a significant 39% rise since November 5th. Following this milestone, the cryptocurrency has experienced a slight pullback, now trading around $88,800. Market analyst Quinten Francois suggests that this correction may deepen, with BTC potentially falling below the $80,000 mark due to a notable CME gap positioned below this level.
Potential 12% Bitcoin Price Correction?
CME gaps, arising from rapid price fluctuations, represent discrepancies between the Chicago Mercantile Exchange’s Bitcoin futures closing and opening prices. Francois highlights a CME gap at the $78,000 level, predicting a potential 12% retracement if this gap is filled. Historically, filling these gaps can stabilize the market by liquidating excess long positions, often paving the way for future upward movement.
Should Bitcoin face further selling pressure, additional support levels have been identified at $72,000 and $69,000. A drop to these levels would position BTC near pre-election prices, which many believe surged following Donald Trump’s election win on November 5th—a key factor in Bitcoin’s recent rally.
Trump’s Bitcoin Strategy and the Future of BTC
Throughout his campaign, President Trump consistently voiced support for digital assets, placing Bitcoin at the core of his economic agenda. Among his proposals is designating Bitcoin as a U.S. strategic reserve asset. Furthermore, pro-crypto Senator Cynthia Lummis introduced the Bitcoin Act, which aims to boost U.S. Bitcoin reserves to one million BTC. This potential increase could tighten BTC supply and positively impact the price.
Francois forecasts a bear market for the broader crypto sector between 2026 and 2027, suggesting that the next two years could see an extended bull run for Bitcoin. However, he cautioned that if the $78,000 CME gap is not filled in the near term, it may need to be addressed in the next bear phase, potentially adding volatility.
