A crypto analyst known as Credible believes Bitcoin (BTC) could be close to finding a bottom at current levels.
Swing Pattern Failure
Credible noted a potential swing pattern failure (SFP) in Bitcoin’s lower time frame after a bounce from $64,000. SFPs are often seen as possible reversal points.
“There’s a chance our BTC bottom is in with this SFP,” Credible said. “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.”
Confirmation and Support
According to Credible’s chart, Bitcoin will confirm a bottom if it rallies above $68,000. He also pointed out that both spot and derivatives data are favorable for BTC.
“Patience fam,” Credible said. “No doubt in my mind we are forming a bottom here above $60,000, just need to be a little patient.”
However, if support at $65,000 fails, Credible believes the last line of defense for BTC bulls is its range lows that have held for months.
“Line in the Sand”
“[$60,000] still the line in the sand,” Credible said. “Still expect $60,000 to hold.”
The analyst previously predicted that altcoins could decline as traders shift their funds into BTC in anticipation of a significant rally.
At the time of writing, Bitcoin is trading at $64,912.
