A prominent crypto strategist, Credible, believes that Bitcoin (BTC) is likely to bottom out at its current levels. After bouncing from $64,000, Bitcoin may have experienced a swing pattern failure (SFP), a potential reversal point. Credible suggests that if Bitcoin rallies above $68,000, it will confirm a bottom.

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. Credible 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.

If support at $65,000 fails to hold, Credible says the last line of defense for BTC bulls is at its range lows. Despite altcoin weakness, Bitcoin is sitting comfortably above $60,000, a positive sign for its future performance. Credible 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 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. 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.

The Daily Hodl provides up-to-date news and analysis on the crypto market, including Bitcoin, Ethereum, and altcoins. With a focus on the future of finance, The Daily Hodl covers macro, blockchain, and web 3.0 developments, as well as trading and investment opportunities. Join us on Telegram, X, and Facebook for the latest news and updates.