Analysts say Bitcoin$BTC
It is focused on the $64,000 level. Breaking this level could pave the way for the start of a bull trend. According to analysts, the bears are making their last defense at this point. Popular cryptocurrency analyst Cred stated that the bears made their last move with the strength Bitcoin showed at $63,467. The fact that the largest cryptocurrency maintains its strength in terms of market value shows that the bears' influence is decreasing.
Cred told his followers on social media platform X that the $64,000 level is a critical threshold for BTC bears. A weekly close above this level could change Bitcoin’s market structure from bearish to bullish. “So far, we have only seen lower highs on the weekly charts. Locally, this is the last resistance for the bears; if they are right, the last reasonable area where a lower high could form,” the analyst said. A strong weekly close above the $64,000 level could signal a breakout in the bullish direction.
Cred predicts two possible scenarios if Bitcoin breaks the $64,000 level on a weekly closing basis. In the first scenario, he states that BTC can continue a strong rally without a pullback. In the second scenario, he emphasized that a correction can occur after the breakout and this correction can reinforce the bull trend by creating a higher low: "After a higher peak, many long positions can be opened and if investors are very excited, they can panic-close a small pullback. This pullback can coincide with a suitable higher low… In summary, we are at a local resistance in the context of the bearish weekly market structure, but if the bears give up here, the technical effects will be significant. You should definitely have a plan."
Cryptocurrency strategist DonAlt believes that BTC bears could soon be defeated. "The bears will be wrong very, very soon," DonAlt said.
At the time of writing, Bitcoin is trading at $63,727. Analysts say that if BTC breaks this critical level, there could be significant changes in the market structure.
Bitcoin's approach to $64,000 draws the attention of market participants to this point. Analysts' views indicate that a strong bull trend may begin if this level is exceeded. Investors are advised to be prepared for possible scenarios and to prioritize risk management.
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