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

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

Posted at 09:08h in Bitcoin News by

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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,…

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