A dual Grade One winner over hurdles last season, he added his third top-table prize and first over fences when landing the two-and-a-half-mile Grade One by a cosy four and a half lengths.
One of two in the race for the contest's most successful handler, Mighty Potter was always up with the pace in the hands of Jack Kennedy and produced an exhibition round of galloping and jumping.
Kennedy looked to have plenty of horse still underneath him when briefly pressed by Gaillard Du Mesnil in the home straight but ultimately had too many gears for his more experienced rival after the last, storming clear for an impressive victory.
Elliott, who has won this with the likes of Envoi Allen (2020), Delta Work (2018) and his Gold Cup hero Don Cossack (2013) in the past, saw Three Stripe Life pulled up following a mistake by Davy Russell.
But all the focus at Cullentra House will be on the winner, who was cut to 5-1 from 10s with Coral for the Turners Novices' Chase at the Cheltenham Festival.
Elliott said: "Mighty Potter was brilliant and Jack gave him a wonderful ride. I'm delighted for Andrew and Gemma Brown, Caldwell Construction and Joey (Logan) who buys the horses for them - it's a big team effort.
"The staff at home are working so hard and to come here today with two winners (after Punitive was successful earlier on the card) and a Grade One is brilliant.
"Jack schooled him last Monday and I was happy when I saw the smile on him after he came back in.
"He's still very immature but he's a good horse. He won two Grade Ones last year and we're lucky to have him.
"I would imagine he'll stay at this distance. We don't need to rush him. We'll enjoy today and see what happens.
"The second horse is a second-season novice and was placed in the Irish National and they are clear of the rest."