🌟 Crypto Expert Predicts Bitcoin Could Rocket to $80,000 🚀

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A crypto expert has forecasted a "ultra bull scenario" for Bitcoin, citing crucial support levels and technical patterns that suggest a price surge over $80,000 in this market cycle. 📈

In a YouTube video, the analyst explained that Bitcoin could even reach $100,000 in this ultra-bull scenario, demonstrating this potential with a graphical chart of its price from April to May 2024. On Binance, the world's largest crypto market, he analyzed Bitcoin's perpetual futures Open Interest (OI). 🔍

The analyst noted that Open Interest has risen to 78,000 BTC, up from 64,000 BTC. CrediBull Crypto warned that this increase in Open Interest could be dangerous. The 14,000 BTC difference usually indicates more market activity, which often precedes significant price fluctuations. ⚠️

Interestingly, the analyst revealed that a single anonymous Bitcoin whale was responsible for 10,000 BTC of the increased 14,000 BTC Open Interest. This means that 70% of the additional Open Interest on Binance perpetual futures since the baseline is controlled by this whale. 🐋

He also pointed out that if this whale can withstand 10% to 15% downward pressure without selling their holdings, the vulnerable Open Interest would be reduced to just 4,000 BTC, instead of the original 14,000 BTC. According to the analyst, part of this 4,000 BTC would be directional shorts, which would reduce the net long holdings at risk even further. 📉

CrediBull Crypto argued that this scenario limits the downside risk, making the super bull scenario of Bitcoin reaching new highs worth considering. 💡

Possible Retracement to $60,000 🔄

CrediBull Crypto also suggested a possible retracement to over $60,000 in his video. He forecasted a negative trend for Bitcoin, with prices potentially dropping to between $62,000 and $63,000. 📉$BTC