A well-known crypto analyst suggests that Bitcoin bears may soon lose their grip as the leading digital asset continues to demonstrate resilience.
The analyst, known as Cred, shared that the $64,000 price mark is a critical point for Bitcoin bears. He believes that if Bitcoin secures a weekly close above this level, it could shift the asset’s market structure from bearish to bullish.
So far, Bitcoin has only formed lower highs on the weekly timeframe, Cred explains. He views this price region as the last opportunity for bears to maintain control.
However, a weekly close above $64,000—especially if driven by strong momentum—would likely signal a bullish shift in the market structure, marking a significant break from the previous trend.
Cred outlines two potential outcomes if Bitcoin closes above $64,000: either a rapid surge without much of a pullback or a temporary retracement that sets up a bullish higher-low formation.
Another crypto strategist, DonAlt, agrees with Cred’s assessment, suggesting that bears are on the verge of being proven wrong.
Bears are very very close to being wrong here pic.twitter.com/IE8KT1KPJZ
— DonAlt (@CryptoDonAlt) September 21, 2024
Bitcoin tumbled sharply today, shedding more than 3.5% in a matter of hours and briefly flirting with the critical $100,000 level.
Bitcoin is treading water near $105,000, but pressure is building on both sides of the trade as macro forces tighten.
BlackRock is making another assertive move into digital assets, quietly expanding its crypto portfolio with sizable purchases of both Bitcoin and Ethereum.
In a move that signals changing tides in traditional finance, JPMorgan is preparing to accept Bitcoin ETF holdings as collateral for loans—starting with BlackRock’s iShares Bitcoin Trust, according to insiders familiar with the plan.