Key Support Levels and Patterns
A crypto analyst predicts a major bull run for Bitcoin, suggesting it could reach $80,000 in this market cycle. They point to key support levels and technical patterns that support this forecast.
High Open Interest and Whale Influence
The analyst highlights the high Open Interest (OI) in Bitcoin’s perpetual futures on Binance, which is significantly above its baseline. They reveal that a single whale holds 70% of the increased OI, which could limit downside risk.
Limited Downside Potential
The analyst argues that the downside potential is limited due to the high OI and the whale’s ability to withstand downward pressure. This increases the likelihood of an ultra-bullish scenario where Bitcoin’s price surges to new highs.
Potential Retracement
While the analyst predicts an overall bullish trend, they also acknowledge a potential retracement towards $60,000. They note that Bitcoin has failed to break through resistance levels above $70,000, which could lead to a correction.
Conclusion
The analyst’s analysis suggests that Bitcoin’s price could see a significant rally in the coming months, with a potential target of $80,000. However, they also caution that a retracement towards $60,000 is possible.
