Bitcoin (BTC) bears are on the verge of a major setback, according to a prominent analyst who closely follows the cryptocurrency market. The top crypto asset by market cap is displaying resilience, with the $64,000 price level being a crucial point for BTC bears, as highlighted by pseudonymous analyst Cred.
Cred, who has a substantial following of 645,000 users on X, points out that a weekly close above $64,000 could signal a shift in Bitcoin’s market structure from bearish to bullish. The analyst emphasizes that so far, the weekly chart has only shown lower highs, making the $64,000 level a critical juncture for the market.
If Bitcoin manages to surpass $64,000 on a weekly closing basis, Cred envisions two possible scenarios. The cryptocurrency could experience a significant rally without a pullback, or it might retrace after the breakout to establish a bullish higher-low formation.
DonAlt, another respected crypto strategist, echoes Cred’s sentiment, suggesting that BTC bears are on the brink of being proven wrong. With the current price of Bitcoin at $63,727, the market is poised for a potential shift in momentum.
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