Analyst Predicts An “Ultra Bull” Scenario For Bitcoin That Could Send Price To $80,000

4 months ago

A crypto expert has forecasted an “ultra bull scenario” for Bitcoin, highlighting cardinal enactment levels and method patterns that suggest a terms rally supra $80,000 successful this marketplace cycle.

Bitcoin Could See Upside Above $80,000

In a caller X (formerly Twitter) post, a crypto expert identified arsenic ‘CrediBullCrypto’ has doubled down connected his erstwhile prediction of an ultra-bull script for Bitcoin successful the future. The analyst’s insights connected Bitcoin’s caller activities suggest that the downside hazard whitethorn beryllium little important than antecedently anticipated, paving a bullish way for a monolithic upside for Bitcoin.

Sharing a graphical illustration of Bitcoin’s terms actions from April to May 2024 successful a YouTube video, Credibull Crypto predicted that Bitcoin could spot its terms rising supra $100,000 successful this projected ultra-bull scenario. The focal constituent of his investigation was based connected the Open Interest (OI) in Bitcoin’s perpetual futures connected Binance, the world’s largest crypto exchange.

According to the crypto analyst, Open Interest has reached 78,000 BTC, importantly higher than its baseline of 64,000 BTC. CrediBull Crypto revealed that this existent Open Interest was successful a danger zone. This is due to the fact that the 14,000 BTC quality typically indicates elevated marketplace activities, which often precede volatile terms movements.

Additionally, the CrediBull Crypto revealed that a azygous unidentified Bitcoin whale was liable for astir 10,000 BTC of the accrued 14,000 BTC Open Interest. This means that the anonymous whale controls 70% of each the added Open Interest connected Binance perpetual futures since the baseline.

He besides disclosed that successful the script wherever the anonymous whale tin withstand 10% to 15% downward unit without liquidating their assets, the existent available Open Interest that would beryllium susceptible to a diminution would beryllium lone 4,000 BTC, alternatively of the archetypal 14,000 BTC addition. The expert revealed that retired of the 4,000 BTC, immoderate would beryllium directional shorts, noting that the nett agelong positions astatine hazard would beryllium adjacent lower.

Given this theory, CrediBull Crypto argued that the potential for a downside is much limited. As a result, the ultra bull script wherever Bitcoin’s terms surges to caller all-time highs was worthy considering.

Potential Retracement Towards $60,000

In his YouTube video, CrediBull Crypto besides highlighted a imaginable retracement somewhat supra the $60,000 terms mark. The expert predicted a bearish scenario, wherever Bitcoin could spot its price falling significantly towards $62,000 to $63,000.

At the clip of writing, Bitcoin’s terms is trading astatine $69,774, reflecting a 0.08% alteration successful the past 24 hours, according to CoinMarketCap. CrediBull Crypto disclosed that Bitcoin had failed to interruption done cardinal absorption levels above $70,000.

He predicts that consistent declines and liquidations could perchance trigger a bottommost below $60,000. However, helium besides revealed that specified a bearish turnaround was highly improbable astatine this time, arsenic Bitcoin’s terms movements presently indicates an ultra bullish scenario.