Cryptocurrency analyst yes predicted “ultra bull scenario” for Bitcoinhighlighting key support levels and technical patterns that suggest prices rising above $80,000 this market cycle.
Bitcoin could see a rise above $80,000
In a recent post on X (previously on Twitter), a crypto analyst identified as “CrediBullCrypto” doubled down on his previous prediction of an ultra-bullish scenario for Bitcoin in the future. Analyst’s observations on Recent Bitcoin activities suggest that the downside risk may be less significant than previously expected, leading to: bullish path for massive benefit for Bitcoin.
Sharing a graphical chart of Bitcoin price changes from April to May 2024 in a YouTube video, Credibull Crypto predicted that in this predicted ultra-bull scenario, Bitcoin’s price could rise above $100,000. The focal point of his analyzes was the so-called Open Interest (OI) in perpetual Bitcoin futures on Binance, the world’s largest cryptocurrency exchange.
According to cryptocurrency analyst Open Interest has reached 78,000 BTC, significantly higher than its base level of 64,000 BTC. CrediBull Crypto revealed that this current open interest was in danger zone. This is because a difference of 14,000 BTC usually indicates increased market activity, which often precedes volatile price movements.
Additionally, CrediBull Crypto revealed that the single unidentified Bitcoin whale was responsible for approximately 10,000 BTC of the increased 14,000 BTC Open Interest. This means that the anonymous whale controls 70% of all Binance perpetual futures open interest added on the underlying value.
He also revealed that in a scenario where an unnamed whale can withstand downward pressure of 10% to 15% without liquidating its assets, the actual available Open Interest the price that would be prone to decline would only be 4,000 BTC instead of the initial additional 14,000 BTC. The analyst revealed that of the 4,000 BTC, some will be directionally brief, noting that risky net long positions will be even lower.
Given this theory, CrediBull Crypto argued that potential for downside is more confined. As a result, it is worth considering an ultra bull scenario where Bitcoin’s price skyrockets to up-to-date all-time highs.
Potential retracement towards $60,000
In its YouTube video, CrediBull Crypto also highlighted a potential retracement just above the $60,000 price. The analyst predicted a bearish scenario where Bitcoin could see this happen the price drops significantly towards $62,000 to $63,000.
According to CoinMarketCap, at the time of writing, Bitcoin is trading at $69,774, reflecting a decline of 0.08% in the last 24 hours. CrediBull Crypto revealed that Bitcoin failed to break key resistance levels over $70,000.
He anticipates it consistent declines and liquidations have the potential to cause rock bottom under $60,000. However, he also revealed that such a bearish turn was highly unlikely at this point as Bitcoin’s price movements currently point to an ultra-bullish scenario.
Featured image created with Dall.E, chart from Tradingview.com
