Crypto Analyst Lays Out Two Possible Bullish Scenarios For Bitcoin

A prominent crypto analyst, known as Cred, outlines two potential scenarios for Bitcoin (BTC), where bulls take back control after a failing to break through $44,000.

In a recent video update, the analyst notes that bears have momentum on their side, after Bitcoin failed to fuel the rally regardless of a “flurry of public buying.”

But, Cred remains positive, and said that BTC is rapidly closing in on a key support level that has kept the leading digital asset afloat for majority of this year.

“So what would be bullish? Well two things: one is either reaching support ($36K) and/or the range low where the expected value of being long goes up and the risk-reward of long setups becomes more definable and attractive. That would make sense.”

In the analyst’s alternative scenario, bulls can take back control, if they manage to break through $44,000 and turn that into support.

“Alternatively, if this bearish setup starts to fix itself, which is to say a rally back through the range high ($44K), which doesn’t get rejected and actually finds acceptance, that would be positive as well.”

A push above at $44,000 could drive Bitcoin above $50,000, says Cred.

“If the market trades back above where the failed breakout took place, it’s generally less likely that you get a second bit of price action that looks like a deviation. It’s kind of a fool me once type of thing where if you’ve already got one impressive failed breakout or trap pattern at the level, it’s far less likely that you get a second failed breakout or trap pattern.

If the market shows some relative strength into the $44,000 to $46,000 and wherever this dump stops – whether it’s at the midrange, maybe it’s at the range low, maybe it’s at zero – in any case… I think trading back above $44,000, the probability of getting this price action is lower and the probability of continuation towards the previous targets of $52,000 or whatever it may be is higher.”