Bitcoin Faces Critical Weekly Close Above $78K or Market 'Could Get Ugly'

Bitcoin's price is currently trading near $75,900, down 2% over 24 hours. According to Charles Edwards of Capriole Investments, the cryptocurrency needs a weekly close above $78,000 'pronto' or it could get ugly.

The market is facing significant resistance at around $93,500, a level that would need a weekly close to open a run towards six figures, according to Edwards. Until then, his outlook remains bearish with a 12-to-18-month window shaped by long-term holder selling.

However, not everyone shares this view. Popular analyst Credible Crypto believes the bottom for BTC is within 10% of current levels before a potential 200%-plus rally to the upside.