A closely watched analyst says the Bitcoin (BTC) bears are about to tip over as the top crypto assets continue to show strength by market cap.
Pseudonymous analyst Cred tells his 645,000 followers on 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 change Bitcoin’s market structure from bearish to bullish.
“So far we have only seen lower highs on a weekly basis.
Locally, this is the bears’ last stand, i.e. the last reasonable area where a lower high could form if they are right + near invalidation.
A weekly close above $64,000, ideally an impulsive close, would indicate a bullish break in the market structure (for the first time in a while).
Cred says he sees a number of scenarios happening if Bitcoin reaches $64,000 weekly. According to the analyst, Bitcoin will witness a massive rally after the breakout with no pullback or pullback to print a bullish higher-low setup.
“After a higher high, a lot of longs can come in, and if they’re too horny, they end up puke on a little… pullback. This pullback can conveniently land at a nice higher low…
In summary, we are experiencing local resistance in the context of a bearish weekly market structure, but if the bears tip over here the technical implications are quite significant – you should have a plan.”
Fellow crypto strategist DonAlt also believes BTC bears are about to be wiped out.
“Bears are almost wrong here.”
At the time of writing, Bitcoin is trading at $63,727.
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Generated image: DALLE3
