$BTC Analyst predicts Bitcoin (BTC) could rise to $80,000
In a recent post on Twitter, cryptocurrency analyst CrediBullCrypto' shared that Bitcoin (BTC) could reach a value of over $80,000 in the near future. Based on recent activity, he believes the token's downside risk is less than initially predicted, opening the door for a major price increase.
Sharing a graphic chart of Bitcoin's price action from April to May 2024 in a YouTube video, CrediBullCrypto predicted that Bitcoin could surpass $100,000. This forecast is based on Open Interest (OI) in Bitcoin perpetual futures contracts on Binance, the world's largest cryptocurrency exchange.
According to the crypto analyst, Open Interest has reached 78,000 BTC, significantly higher than the base level of 64,000 BTC. CrediBull Crypto revealed that this current open interest is in the danger zone. This is because a difference of 14,000 BTC typically indicates heightened market activities, often preceded by significant price movements.
At the time of writing, Bitcoin price is trading around $68,550, reflecting a +0.89% increase over the past 24 hours according to CoinMarketCap. CrediBull Crypto says Bitcoin has failed to overcome key resistance levels above $70,000.
He predicts that if price drops and liquidations continue, the price of Bitcoin (BTC) could drop below $60,000. However, he also revealed that this bearish scenario is very unlikely at the present time, as the current price fluctuations of this token show strong bullish signals. #BTC #ETH #BNBâŹ
