Popular cryptocurrency analyst CreditsBitcoin $63,547He stated that the bears made their final move with the strength shown by (BTC). The fact that the largest cryptocurrency maintains its strength in terms of market value indicates that the bears’ influence is decreasing.
$64K Level Is Critical Threshold For Bears
Cred told his followers on social media platform X that the $64,000 level is a decisive level for BTC bears. According to the analyst, a weekly close above this critical level could change Bitcoin’s market structure from bearish to bullish:
So far we have only seen lower highs on the weekly charts. Locally this is the last resistance of the bears; if they are right, the last reasonable area where a lower high could form and is close to invalidation. A strong weekly close preferably above $64k could signal a bullish breakout in the market structure.
Two Possible Bull Scenarios
Cred sees two possible scenarios if Bitcoin breaks the $64,000 level on a weekly close basis. First, he says that BTC could continue a strong rally without a pullback. Second, he says that a correction could occur after the breakout, which could form a higher low and confirm the bull trend:
After a higher high, many long positions may be opened and if they are very excited, they may panic close their positions on a small pullback. This pullback may coincide with a higher low, which may coincide with a favorable high… In summary, we are at local resistance in the context of a bearish weekly market structure, but if the bears give up here, the technical implications will be quite significant. You should definitely have a plan.
Other Analysts’ Views
Cryptocurrency strategist DonAlt He also thinks that BTC bears may soon be defeated. DonAlt stated that the bears are very close to being wrong and said, “The bears will be wrong very, very soon.”
At the time of writing, Bitcoin is trading at $63,727. Analysts say that if BTC surpasses this critical level, there could be significant changes in the market structure.
Bitcoin’s approach to the $64,000 level draws the attention of market participants to this point. Analysts’ views indicate that a strong bull trend may begin if this level is exceeded. Investors are advised to be prepared for possible scenarios and to attach importance to risk management.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
