A prominent crypto strategist believes that Bitcoin (BTC) is poised to form a bottom at its current levels, potentially leading to a substantial rebound. After bouncing from $64,000, Bitcoin may have experienced a swing pattern failure (SFP), a potential reversal point. If Bitcoin rallies above $68,000, it will confirm a bottom.

The strategist notes that 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. Despite altcoin weakness, Bitcoin is sitting comfortably above $60,000, a positive sign for its future performance.

If support at $65,000 fails to hold, the last line of defense for BTC bulls is at its range lows, which have held for months. The strategist previously predicted a scenario where altcoins tumble as traders rotate their capital into BTC in anticipation of a huge rally.

In summary, Bitcoin is poised to form a bottom at current levels, with a critical "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. With its strong fundamentals and growing adoption, Bitcoin is well-positioned for a successful future.

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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