A well-known crypto strategist believes that Bitcoin (BTC) could be reaching a bottom at its current levels.
Using the pseudonym Credible, the analyst with a following of 398,800 on social media suggests that Bitcoin might have experienced a swing failure pattern (SFP) on a lower time frame after bouncing from $64,000. Traders often view SFPs as potential turning points.
According to Credible, “There’s a possibility that our BTC bottom is in place with this SFP. Here’s what I’m keeping an eye on. While technically we could still drop lower into the ‘dream long’ zone, it wouldn’t be surprising to see that zone anticipated.”
Looking at Credible’s chart, it appears that Bitcoin could confirm a bottom if it surpasses $68,000. Credible also notes that both spot and derivatives data are showing positive signs for BTC.
“Stay patient. The spot premium is showing strength again, funding has turned negative for the first time in months, and BTC remains stable above the optimal long area of $62,000-$63,000. I have no doubt that we are forming a bottom above $60,000, we just need to wait a bit longer.”
However, if the support at $65,000 fails, Credible points out that BTC bulls’ last defense lies at the range lows that have held for an extended period.
“$60,000 remains a crucial level. I still anticipate $60,000 to hold. The weakness in altcoins is to be expected, as I have been mentioning for some time. The key takeaway is that despite the struggles in altcoins, BTC is comfortably above $60,000, indicating what’s to come.”
Credible previously foresaw a scenario where altcoins would decline as traders shift their focus to BTC in anticipation of a significant rally.
As of the current time, Bitcoin is valued at $64,912.
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