Bitcoin bears are on the verge of a major setback, according to a well-known analyst. Cred, a pseudonymous analyst with a large following on social media platform X, believes that if Bitcoin can close above the $64,000 price level on a weekly basis, it will mark a significant shift in market sentiment from bearish to bullish. Cred points out that so far, Bitcoin has only been forming lower highs on a weekly basis, but a close above $64,000 would suggest a break in this pattern and indicate a more positive market structure.

Cred outlines two possible scenarios if Bitcoin surpasses the $64,000 level. The first scenario is a massive rally without any significant pullbacks. In this case, bullish investors could enter the market at higher prices and potentially experience some short-term losses if there is a minor pullback. However, this pullback could provide a favorable opportunity for these investors to establish a higher low level, setting the stage for further gains.

In summary, Cred believes that Bitcoin is currently facing resistance within the context of a bearish weekly market structure. However, if the bears fail to hold their ground and Bitcoin breaks through the resistance, it could have significant technical implications. Cred advises investors to have a plan in place to navigate these potential market changes.

Another crypto strategist, DonAlt, shares Cred’s sentiment and believes that BTC bears are on the brink of defeat. DonAlt emphasizes the importance of closely monitoring the market and being prepared for potential shifts in sentiment.

At the time of writing, Bitcoin is trading at $63,727. Investors are advised to conduct thorough research and exercise caution when investing in high-risk assets like Bitcoin and other cryptocurrencies. The Daily Hodl, where this article was sourced from, does not provide investment advice and recommends that individuals take full responsibility for their own investment decisions.