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A closely followed crypto strategist thinks that Bitcoin (BTC) has a shot of bottoming out at current levels.
Pseudonymous analyst Credible tells his 398,800 followers on the social media platform that Bitcoin may have just witnessed a swing pattern failure (SFP) on the lower time frame after bouncing from $64,000.
SFPs are often looked for by traders as potential reversal points.
Says Credible,
“There’s a chance our BTC bottom is in with this SFP. Below is what I am watching for now. Yes, we can still technically go lower into the “dream long” zone below, but as I’ve previously said it would not surprise me to see that zone front run.”
Source: Credible/X
Looking at the trader’s chart, he seems to suggest that Bitcoin will confirm a bottom if it rallies above $68,000.
Credible adds that both spot and derivatives data are looking good for BTC.
“Patience fam. Spot premium is back with a vengeance, funding literally flipping negative for the first time in months, and BTC still chilling above the ‘best’ area to long at $62,000-$63,000. No doubt in my mind we are forming a bottom here above $60,000, just need to be a little patient.”
But if support at $65,000 fails to hold, Credible says the last line of defense for BTC bulls is at its range lows that have held for months.
“$60,000 still the line in the sand. Still expect $60,000 to hold. The weakness you’re seeing on alts is to be expected (as I’ve been saying for some time now). The main takeaway right now is that despite the alt blood – BTC is sitting comfortably above $60,000. That should tell you what you need to know and about what’s coming.”
The analyst previously predicted that he sees a scenario where altcoins tumble as traders rotate their capital into BTC in anticipation of a huge rally.
At time of writing, Bitcoin is worth $64,912.
Generated Image: DALLE3
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