A closely followed analyst says Bitcoin (BTC) bears are close to rolling over as the top crypto asset by market cap continues to show strength.
Pseudonymous analyst Cred tells his 645,000 followers on the social media platform X that the $64,000 price level is the line in the sand for BTC bears.
According to the crypto strategist, a weekly close above the crucial price area will flip the market structure of Bitcoin from bearish to bullish.
“We’ve only seen lower highs on the weekly thus far.
Locally, this is the bears’ last stand i.e. last reasonable area where a lower high could form if they’re right + close proximity to invalidation.
$64,000+ weekly close, ideally an impulsive one, would suggest a bullish break in market structure (first one in a while).”
Source: Cred/X
Cred says he sees a couple of scenarios playing out if Bitcoin takes out $64,000 on a weekly closing basis. According to the analyst, Bitcoin will either witness a massive rally without a pullback or retrace after the breakout to print a bullish higher-low setup.
“A lot of longs can pile in after a higher high, and if they’re too horny they end up puking on a minor… pullback. This pullback, conveniently, can land at a nice higher low level…
In summary, we’re at local resistance in the context of bearish weekly market structure, but if bears roll over here the technical implications are quite significant – you should have a plan.”
Fellow crypto strategist DonAlt also believes that BTC bears are about to get wiped out.
“Bears are very very close to being wrong here.”
Source: DonAlt/X
At time of writing, Bitcoin is trading for $63,727.
Generated Image: DALLE3
