RATE Group | Bitcoin Price Poised to Tumble in Coming Week, CME Future Stat Predicts
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Bitcoin Price Poised to Tumble in Coming Week, CME Future Stat Predicts

22 Dec Bitcoin Price Poised to Tumble in Coming Week, CME Future Stat Predicts

Posted at 11:54h in Bitcoin News by

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Statistics show that the Bitcoin price may be on the verge of seeing a red week. No, by red I don’t mean Christmas, I mean a week in which the cryptocurrency falls, potentially to enter back in the range of the $6,000s.

Related Reading: Lightning Works: Bitcoin Podcaster Finds Restaurant Shunning Banks for BTC

Bitcoin Futures’ Imply BTC Has Red Week Ahead

While Bitcoin futures are cash-settled, meaning that the coins backing the contracts don’t actually exist on the blockchain, some say that the settlement of these derivatives has a profound effect on the underlying spot market.

Analyst Joel (@JofDom on Twitter) recently touched on this, posting the tweet below showing that there is a correlation between the expiry of CME monthly futures contracts for Bitcoin and price action.

His data shows that in the week ahead of all previous CME futures expiries, there was a 70% chance that Bitcoin trended lower, with the average loss coming out to 2% in seven days. This implies that BTC…

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