A well-known cryptocurrency strategist believes that Bitcoin (
BTC
) could potentially hit 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 pattern failure (SFP) on a lower time frame after bouncing back from $64,000. Traders often see SFPs as possible points of reversal.

Credible shares, “There’s a possibility that our BTC bottom has been reached with this SFP. Here’s what I’m keeping an eye on. While it’s technically still possible for us to drop into the ‘dream long’ zone below, I wouldn’t be surprised to see that zone anticipated.”

Looking at Credible’s chart, it appears that Bitcoin could confirm a bottom if it surpasses $68,000. Additionally, Credible notes that both spot and derivatives data are positive for BTC.

“Let’s be patient. Spot premium is back in full force, funding has turned negative for the first time in months, and Bitcoin is still comfortably above the ideal long range at $62,000-$63,000. I have no doubt that we are forming a bottom above $60,000, we just need to wait a bit.”

However, if the support at $65,000 doesn’t hold, Credible mentions that the final defense line for Bitcoin bulls is at the range lows that have remained steady for months.

“$60,000 remains the critical level. I still expect $60,000 to hold. The weakness in altcoins is to be expected, as I’ve been saying for a while now. The key takeaway is that despite the decline in altcoins, Bitcoin is comfortably above $60,000, indicating what’s to come.”

Credible had previously forecasted a scenario where altcoins would decline as traders shift their focus to Bitcoin in anticipation of a major rally.

At the time of writing, Bitcoin is valued at $64,912.

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