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An analyst predicts a “Ultra Bull” Bitcoin scenario that might reach $80,000
A crypto expert predicted a “ultra bull scenario” for Bitcoin, citing crucial support levels and technical patterns that imply a price surge over $80,000 this market cycle.
Crypto forecasted in a YouTube video that Bitcoin may reach $100,000 in this ultra-bull scenario by showing a graphical chart of its price from April to May 2024. On Binance, the world's biggest crypto market, he examined Bitcoin's perpetual futures Open Interest (OI).
The crypto analyst reports Open Interest at 78,000 BTC, up from 64,000 BTC. CrediBull Crypto warned that this Open Interest was dangerous. The 14,000 BTC difference usually implies more market activity, which precedes significant price fluctuations.
The Analyst also stated that a single unnamed Bitcoin whale contributed 10,000 BTC to the increased 14,000 BTC Open Interest. Binance perpetual futures' additional Open Interest since baseline is 70% controlled by the anonymous whale.
He also revealed that if the anonymous whale can endure 10% to 15% downward pressure without selling their holdings, the available Open Interest that would be susceptible would be just 4,000 BTC, not the original 14,000 BTC. The analyst stated that portion of the 4,000 BTC will be directional shorts, putting even fewer net long holdings at risk.
CrediBull Crypto argues that this idea limits downside risk. Thus, the super bull scenario of Bitcoin's price reaching new highs was worth contemplating.
Possible Retracement to $60,000
CrediBull Crypto also suggested a retracement over $60,000 in his YouTube video. The expert forecast a negative future for Bitcoin, with prices dropping to $62,000 to $63,000.
Bitcoin is now selling at $69,774, down 0.08% in 24 hours, according to CoinMarketCap. CrediBull Crypto reported that Bitcoin failed to breach barrier above $70,000.
He thinks sustained drops and liquidations might cause a bottom below $60,000.
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