Analyst CrediBull Crypto says it is now “illegal” to short Bitcoin due to strong bullish setups and limited downside risk.
These comments surface as the price of Bitcoin (BTC) is currently at $108,295, following a period of sideways movement after reaching a high of $110,307 on July 3. This marks a -0.59% decline over the past 24 hours and a 1.26% increase in the last 7 days.
Despite the recent calm, analyst CrediBull Crypto has explained why he believes it is now effectively “illegal” to short Bitcoin. According to his commentary, he believes there’s a real possibility that the next upward move has already started.
Bitcoin Original Prediction
CrediBull’s original projection, shared a few days prior, anticipated Bitcoin would reject at range highs above $110,000 and experience a pullback down to the blue zone around $102,000. This would be followed by a few weeks of sideways movement before initiating the next upward impulse.
That scenario involved an Elliott Wave structure identified as a W-X-Y pattern. In this context, wave W may have completed at the daily demand area below $99,000, with wave X expected to form above $114,000. Following this, wave Y could develop as Bitcoin completes an existing symmetrical triangle.
Notably, he projects the breakout target for this structure to be above $120,000. Subsequent consolidation could occur around $136,000, with further extension potentially reaching above $154,000. For context, Bitcoin would need to surge approximately 42.21% to reach this level.
Bitcoin’s Most Bullish Case
However, while CrediBull still considers this W-X-Y scenario probable, he also acknowledges the possibility that the next major impulse has already begun, marking the most bullish case.
In this alternative Elliott Wave count, Bitcoin is seen as having completed wave 1, currently in wave 2, and potentially poised to begin wave 3 upon breaking the $111,941 resistance level. Under this scenario, wave 3 could extend above $128,000, followed by sideways consolidation in wave 4, and a final upward move in wave 5 targeting around $149,000 and higher, a 37.6% pump from the current.
In either scenario, CrediBull believes the downside for Bitcoin is relatively limited from current levels. He emphasized that it is important focus on long opportunities rather than attempting to short Bitcoin in what he sees as clear market strength.
The higher time frame (HTF) demand zone, located much lower, between $67,000 and $74,000, serves as a worst-case scenario if Bitcoin crashes.
Bitcoin Ownership Data Points Bullish
Elsewhere, Bitcoin’s ownership data adds to the bullish sentiment. A chart from IntoTheBlock illustrates the historical behavior of Bitcoin addresses segmented by holding time, holders (1Y+), cruisers (1–12M), and traders (<1M). The number of long-term holders has shown consistent growth, surging by 1.02%.
In contrast, both Cruisers and Traders have declined, with a -1.48% and -2.76% change respectively, suggesting a shift from short-term speculation to long-term accumulation. Overall, this trend signifies growing maturity in the Bitcoin market and a more stable investor base.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
