Popular cryptocurrency analyst Cred indicates that Bitcoin (BTC) 
$62,400 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.
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:
So far, we’ve only seen lower highs on the weekly charts. Locally, this is the bears’ last stand; if they are correct, this is the last reasonable area for a lower high to form and a point close to invalidation. A strong weekly close above $64,000 may indicate a bullish breakout in the market structure.
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:
After a higher high, many long positions may open, and if traders are too excited, they might panic and close their positions during a small pullback. This pullback could appropriately align with a higher low level… In summary, we are at a local resistance within the weekly market structure, but if bears give up here, the technical implications could be significant. You should definitely have a plan.
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.
