Crypto Analyst Credibull raises a cautionary note on Bitcoin prices, pinpointing the third wave’s support at $43K and forecasting a potential decline within the $41K to $39K range. This follows recent attempts by Bitcoin to breach $50K, reaching $45K.
Addressing the possibility of Bitcoin surpassing $50K, Credibull observes positive movements, indicating the completion of a significant impulse between 30,800 and 39,000. The analyst outlines a 1-2-3-4-5 wave structure, projecting a favorable trajectory with lucrative entry points, exemplified by successful trades such as going long at 44K.
While foreseeing limited downside for Bitcoin, Credibull anticipates a potential local low before an upward swing. The analyst recommends buying altcoins, including CRV and AIOZ, presenting substantial opportunities, with the Ocean protocol expected to surge post-consolidation.
According to the analysis, altcoins are expected to briefly dominate over Bitcoin before its resurgence. Credibull outlines Bitcoin’s potential moves—anticipating a downturn, reclamation of a range, retesting, and a fifth upward impulse toward $50K. This aligns with the analyst’s positive Bitcoin outlook, suggesting a higher timeframe range before the next major surge.
Bitcoin futures open interest on the Chicago Mercantile Exchange (CME) has surged to over $5.2 billion, nearing the previous record set in late October 2021. In the past month, CME’s Bitcoin futures open interest has climbed from $3.63 billion to $5.20 billion, aligning with Bitcoin’s 26% price surge, currently trading at $43,651.The earlier spike in open interest coincided with a substantial price increase for Bitcoin, rising from $45,000 to $66,000 between October 1 and 21, 2021, indicating growing interest in Bitcoin, though the positions of CME traders remain undisclosed.Analyst Willy Woo noted in a December 7 post that there is a Bitcoin CME gap at $39,700 that needs addressing, implying a potential correction to $39,700 before a new upward movement.The anticipated Bitcoin slump, as suggested by many analysts and experts, is becoming more apparent. Traders and investors are closely monitoring Bitcoin prices to either maximize gains or mitigate potential losses.
