Bitcoin Targets $140K as Price Holds $89K With Focus on Key CME Gap 

• Bitcoin hovers around $89K with a key CME gap at $77K to $78K attracting attention from the market  
• The Crypto analyst  sees a possible dip to fill the gap before a climb toward $140K  
• Price trends show steady support with a chance for Bitcoin to reach new highs if the gap fills and rebounds

Price actions in Bitcoin have fallen into the spotlight as a CME gap between $77,000 and $78,000 awaits filling. Analyst Anup Dhungana stressed the importance of the CME gap, stating that “everything is lining up perfectly” for a move. Price is now hovering around $89,575, with market players closely monitoring how Bitcoin reacts at this key juncture. Gaps are caused by price differences that remain uncorrected during CME weekend closures, and it has been seen historically that such gaps tend to be filled, bearing weight to expectations of a short-term corrective downward move before a bullish recovery.  

Historical Trends and Technical Patterns

The chart highlights Bitcoin’s steady rise since breaking its prolonged downtrend in late 2022 when the price dipped below $16,000. By 

March 2023, Bitcoin broke out of its descending wedge, paving the way for a significant rally that took it to nearly $40,000 by mid-2023. The breakout zone between $23,000 and $30,000 formed a consolidation area, marked in orange, where price action paused before climbing further.

Bitcoin was generally possible in March after starting in early 2024 by reaching a price peak above the 100K mark. As for now, this pullback again lines up the CME gap-attributed short-term price move as it approaches the $77,000-$78,000 area before more upside action can resume. The uplink from early 2023 has not ruptured yet and can thus be relied on for technical support at the $80,000 mark.

Potential Scenarios and Analyst Insights

According to the analytics, Bitcoin is poised to fall before filling the CME gap before pointing up again toward the $140,000 target. Rather, this price behavior follows the price correction pattern- when it pushes up over the long terms, this entry becomes a good reaccumulation. Green consolidation zone at the end of 2024 suggests break, then pause formation, adding to the market rhythm in pullbacks and surges.

Therefore, although the previous decline can be expected, Bitcoin will retain its bullish status much more in the long run. This has a strong implication since long-term support and higher highs of the ascending support line still hold buyers. The gap makes traders cautious; however, on the other hand, traders remain hopeful due to the asset’s sustainability above $85,000.

Market Sentiment and Future Outlook

While some community members have based their opinions on the technical necessity of filling the CME gap, others expect a quick bounce. Dhungana’s assertion about “everything lining up” suggests faith in the trend’s larger integrity despite short-term volatility. If Bitcoin tests the $77,000–$78,000 range, it might find very strong support, making a rally beyond $120,000 possible within months.

With the next few weeks critical, traders will closely monitor price action near the CME gap. The interplay between technical factors and market sentiment could determine whether Bitcoin sustains its long-term bullish momentum or undergoes further corrective moves before climbing higher.