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

The Fed will sit still on October 28 — but 100 of 100 economists now expect a December hike A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.

Author Irene Q.

Oct 22, Thu

A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.

Big Tech's $800 billion AI bill faces its first real test — free cash flow is the judge Alphabet and Microsoft report after the close on October 28, Amazon on October 29, with hyperscaler AI capex running near $800 billion a year. Meta's negative free cash flow and 9.40% drop on October 22 was the warning; this week's prints decide whether cloud growth and backlog can pay for the buildout. Here are the consensus numbers, the free-cash-flow table and the two-sided test.

Author Irene Q.

Oct 26, Mon

Alphabet and Microsoft report after the close on October 28, Amazon on October 29, with hyperscaler AI capex running near $800 billion a year. Meta's negative free cash flow and 9.40% drop on October 22 was the warning; this week's prints decide whether cloud growth and backlog can pay for the buildout. Here are the consensus numbers, the free-cash-flow table and the two-sided test.

Anthropic files for a $2 trillion IPO — the $80.7 billion loss is the decoy, the $450 billion compute bill is the risk Anthropic publicly filed its S-1 on October 26, revealing $16.29 billion of first-half revenue (+1,304% year over year) and a $80.7 billion net loss — of which $72.4 billion is a non-cash convertible-note charge. The real number is the $450 billion of signed, mostly non-cancelable compute commitments. Here is what the filing says, why NVDA, ARM and MU are the tradeable read-through, and the conditions that decide whether the AI trade passes its first public valuation test.

Author Irene Q.

Oct 27, Tue

Anthropic publicly filed its S-1 on October 26, revealing $16.29 billion of first-half revenue (+1,304% year over year) and a $80.7 billion net loss — of which $72.4 billion is a non-cash convertible-note charge. The real number is the $450 billion of signed, mostly non-cancelable compute commitments. Here is what the filing says, why NVDA, ARM and MU are the tradeable read-through, and the conditions that decide whether the AI trade passes its first public valuation test.

Fed October Rate Decision Preview: Rate Hike Pause Has Become Consensus, How Will US Stocks, Dollar, and Gold React?The Federal Reserve will announce its October interest rate decision at 14:00 Eastern Time on October 28, and Fed Chair Warsh will hold a press conference at 14:30. Markets currently wide

Author TradingKey

Oct 27, Tue

The Federal Reserve will announce its October interest rate decision at 14:00 Eastern Time on October 28, and Fed Chair Warsh will hold a press conference at 14:30. Markets currently wide

Brent's $115 front month sits $4.6 above January — the $14 spread to WTI is the supply-risk premium December Brent trades at $115.29 while January is $110.71, a $4.58 backwardation. The December Brent-WTI spread is $14.2, versus a $3-5 normal. That gap, not the headline, is where the Middle East supply risk is priced. Here is what the curve says, why the December contract's expiry on October 30 will mechanically cut the headline by $4.6, and the 108.81 neckline that decides the next move.

Author Irene Q.

20 hours ago

December Brent trades at $115.29 while January is $110.71, a $4.58 backwardation. The December Brent-WTI spread is $14.2, versus a $3-5 normal. That gap, not the headline, is where the Middle East supply risk is priced. Here is what the curve says, why the December contract's expiry on October 30 will mechanically cut the headline by $4.6, and the 108.81 neckline that decides the next move.

Popular Symbols