The crypto analyst can be defined as a professional who is knowledgeable about the cryptocurrency market. forecasted The following are some of the ways to get in touch with each other: “ultra bull scenario” The following are some examples of how to use BitcoinHighlighting key support levels, and showing technical patterns which suggest that the price will rise above $80,000 during this current market cycle.
Bitcoin could rise 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. Analyst’s insight on Bitcoin’s recent activities The downside risk could be lower than originally anticipated. bullish path for a massive upside for Bitcoin.
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Credibull crypto shared a graphical graph of Bitcoin’s price movements from April 2024 to May in a video on YouTube. predicted Bitcoin’s projected price rise could be above $100,000. His analysis focused on the Open Interest (OI) Binance’s, the world’s largest crypto-exchange, offers Bitcoin perpetual futures.
The crypto analyst claims that Open Interest is now at 78,000 BTC. This figure has risen significantly from its previous baseline of 64,000 BTC. CrediBull Crypto reported that the current Open Interest is in an 85% increase from its baseline of 64,000 BTC. danger zone. The difference of 14,000 BTC is indicative of increased market activity, and often comes before volatile price changes.
CrediBull crypto revealed that one single unidentified Bitcoin whale The anonymous whale was responsible for about 10,000 BTC out of the 14,000 BTC increase in Open Interest. The anonymous whale now controls 70% of the Open Interest added to Binance’s perpetual futures.
The actual value of the whale’s assets would be higher if the anonymous whale could withstand a 10% to 15% pressure downward without having their assets liquidated. available Open Interest Only 4,000 BTC of the original 14,000 BTC could be affected by a fall. Analyst revealed that some of the 4,000 BTC would be direction shorts. He noted that net long positions would also be lower.
CrediBull Crypto asserted that this theory is based upon the belief of the potential for a downside It is also more restricted. The ultra-bull scenario, where Bitcoin surged to new highs in price was therefore worth considering.
Potential Retracement Towards $60,000
CrediBull also mentioned in his video on YouTube that a possible retracement could occur just above the price of $60,000. Analyst predicted that Bitcoin would fall to its lowest level in a short period of time. price falling significantly Get $62,000 to $63,000.
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According to CoinMarketCap, Bitcoin is currently trading at $69 774, a decrease of 0.08% in the past 24 hours. CrediBull Crypto revealed that Bitcoin failed to breach key resistance levels above $70,000.
He is a predictor. consistent declines And liquidations can potentially cause a bottom below $60,000. However, the Bitcoin price is currently indicating a very bullish situation.
Featured image was created with Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com