A prominent crypto strategist, Credible, believes that Bitcoin (BTC) has a high chance of bottoming out at its current levels. After bouncing from $64,000, Bitcoin may have experienced a swing pattern failure (SFP) on the lower time frame, which is often seen as a potential reversal point by traders. Credible suggests that if Bitcoin rallies above $68,000, it will confirm a bottom.

According to Credible, both spot and derivatives data are looking positive for BTC, with spot premium returning strongly and funding flipping negative for the first time in months. He believes that Bitcoin is forming a bottom above $60,000 and advises patience, as the last line of defense for BTC bulls is at its range lows, which have held for months.

Credible previously predicted that altcoins would tumble as traders rotate their capital into BTC in anticipation of a huge rally. Despite the current altcoin weakness, Bitcoin is sitting comfortably above $60,000, which is a positive sign for its future performance.

In summary, Bitcoin is poised to carve a bottom at current levels, with a crucial "line in the sand" level at $60,000. If this support holds, Bitcoin is likely to experience a significant rebound, making it an attractive opportunity for traders and investors.

The crypto market is known for its volatility, and Bitcoin's price fluctuations are no exception. However, with a strong support level in place, Bitcoin is well-positioned to bounce back and potentially reach new heights. As always, investors should exercise caution and do their due diligence before making any investment decisions.

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