Popular
cryptocurrency
analyst Cred indicates that Bitcoin (BTC)
$
63,431
has shown strength, suggesting that bears may be making their final move. The largest cryptocurrency’s ability to maintain its market capitalization signals a reduction in bearish influence.
Contents
Critical $64,000 Level for Bears
Two Potential Bull Scenarios
Other Analysts’ Views
Critical $64,000 Level for Bears
Cred shared with his followers on the social media platform X that the $64,000 level is pivotal for BTC bears. According to the analyst, a weekly close above this critical level could shift Bitcoin’s market structure from bearish to bullish:
Two Potential Bull Scenarios
Cred outlines two possible scenarios if Bitcoin surpasses the $64,000 level on a weekly closing basis. Firstly, he suggests that BTC could sustain a strong rally without a pullback. Secondly, he mentions that a correction could occur following the breakout, potentially establishing a higher low to confirm the bullish trend:
Other Analysts’ Views
Cryptocurrency strategist DonAlt also believes that BTC bears are on the brink of defeat. He stated that “bears are very close to being wrong.” As of the article’s writing, Bitcoin trades at $63,727, and analysts note that significant changes in market structure could follow if BTC surpasses this critical level.
Bitcoin’s approach to the $64,000 level draws the attention of market participants. Analyst opinions suggest that breaking this level could initiate a strong bullish trend. Investors are advised to prepare for potential scenarios and emphasize risk management.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
