Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

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

Source Newsbtc

A crypto analyst has forecasted an “ultra bull scenario” for Bitcoin, highlighting key support levels and technical patterns that suggest a price rally above $80,000 in this market cycle.

Bitcoin Could See Upside Above $80,000

In a recent X (formerly Twitter) post, a crypto analyst identified as ‘CrediBullCrypto’ has doubled down on his previous prediction of an ultra-bull scenario for Bitcoin in the future. The analyst’s insights on Bitcoin’s recent activities suggest that the downside risk may be less significant than previously anticipated, paving a bullish path for a massive upside for Bitcoin.

Sharing a graphical chart of Bitcoin’s price actions from April to May 2024 in a YouTube video, Credibull Crypto predicted that Bitcoin could see its price rising above $100,000 in this projected ultra-bull scenario. The focal point of his analysis was based on the Open Interest (OI) in Bitcoin’s perpetual futures on Binance, the world’s largest crypto exchange.

According to the crypto analyst, Open Interest has reached 78,000 BTC, significantly higher than its baseline of 64,000 BTC. CrediBull Crypto revealed that this current Open Interest was in a danger zone. This is because the 14,000 BTC difference typically indicates elevated market activities, which often precede volatile price movements.

Additionally, the CrediBull Crypto revealed that a 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 the added Open Interest on Binance perpetual futures since the baseline.

He also disclosed that in the scenario where the anonymous whale can withstand 10% to 15% downward pressure without liquidating their assets, the actual available Open Interest that would be vulnerable to a decline would be only 4,000 BTC, instead of the initial 14,000 BTC addition. The analyst revealed that out of the 4,000 BTC, some would be directional shorts, noting that the net long positions at risk would be even lower.

Given this theory, CrediBull Crypto argued that the potential for a downside is more limited. As a result, the ultra bull scenario where Bitcoin’s price surges to new all-time highs was worth considering.

Potential Retracement Towards $60,000

In his YouTube video, CrediBull Crypto also highlighted a potential retracement slightly above the $60,000 price mark. The analyst predicted a bearish scenario, where Bitcoin could see its price falling significantly towards $62,000 to $63,000.

At the time of writing, Bitcoin’s price is trading at $69,774, reflecting a 0.08% decrease in the last 24 hours, according to CoinMarketCap. CrediBull Crypto disclosed that Bitcoin had failed to break through key resistance levels above $70,000.

He predicts that consistent declines and liquidations could potentially trigger a bottom below $60,000. However, he also revealed that such a bearish turnaround was highly unlikely at this time, as Bitcoin’s price movements currently indicates an ultra bullish scenario.

Bitcoin price chart from Tradingview.com

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

Yesterday 06: 34

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

7 hours ago

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

7 hours ago

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Popular Symbols