A well-known crypto analyst believes that Bitcoin (BTC) could be reaching a bottom at its current levels.

Known as Credible, the analyst with nearly 398,800 followers on social media suggests that Bitcoin may have experienced a swing pattern failure (SFP) on a lower time frame after bouncing back from $64,000. Traders often view SFPs as potential reversal points.

Credible shares, “There’s a possibility that our BTC bottom is in with this SFP. Here’s what I’m keeping an eye on now. While we could technically drop lower into the ‘dream long’ zone below, it wouldn’t be surprising to see that zone anticipated.”

Analyzing the trader’s chart, it appears that Bitcoin could confirm a bottom if it surpasses $68,000. Credible notes that both spot and derivatives data are favorable for BTC, advising patience and highlighting positive indicators in the market.

However, if support at $65,000 falters, Credible points out that the final defense line for BTC bulls rests at range lows that have held for months, emphasizing the importance of the $60,000 level.

Credible previously predicted a scenario where altcoins could decline as traders shift their focus to BTC in anticipation of a significant rally.

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

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