An expert in the world of cryptocurrency believes that Bitcoin (
BTC
) could be hitting a bottom at its current levels.

Known as Credible, the analyst shares with his nearly 400,000 followers on social media that Bitcoin may have recently experienced a swing pattern failure (SFP) on a lower time frame after bouncing back from $64,000. Traders often see SFPs as potential reversal points.

Credible explains, “There’s a possibility that our BTC bottom has been reached with this SFP. Here’s what I’m keeping an eye on now. While we could technically drop even further into the ‘dream long’ zone below, I wouldn’t be surprised to see that zone anticipated.”

Analyzing 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 positive indicators for BTC.

“Be patient, everyone. The spot premium has returned strongly, funding has turned negative for the first time in months, and Bitcoin is still comfortably above the prime 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 doesn’t hold, Credible mentions that the last defense for BTC bulls is at the range lows that have remained steady for months. He emphasizes that $60,000 is still a critical level and expects it to remain strong.

Despite the weakness in alternative coins, Credible points out that Bitcoin’s stability above $60,000 is a positive sign of what’s to come.

Previously, the analyst predicted a scenario where altcoins would decline as traders shift their investment into BTC in anticipation of a major rally.

As of the current time, Bitcoin is valued at $64,912.

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