Pseudonymous analyst Credible Crypto thinks Bitcoin is currently forming a bottom. According to Credible Crypto, we might have seen one swing pattern failure (SPF) on the lower timeframes after Bitcoin jumped from the $64,000 level.
SPFs are often turning points in the chart for many analysts.
When will Bitcoin stop falling?
In the meantime, everyone is wondering when Bitcoin will stop falling. Since hitting a record high of $73,800 in March, Bitcoin has lost its luster and bulls have struggled to regain upward momentum.
“There is a chance that our Bitcoin has bottomed with this SPF. The graph below shows what I’m looking at now. Technically, we can fall further into the dream-long zone, but I wouldn’t be surprised if we don’t get there,” Credible Crypto said.
Based on its chart, Credible Crypto seems to suggest that Bitcoin will confirm a bottom if it breaks above $68,000.
For now, Bitcoin spot market and derivatives trading data looks good according to the analyst, which is a promising development. Can we finally put that long sideways period behind us?
Analyst preaches patience for Bitcoin
Credible Crypto claims it is a matter of patience at this point. “Patience everyone. The spot premium is back, funding is negative for the first time in months and Bitcoin is still chilling above the ‘best’ area to open a long at $62,000 to $63,000.
I have no doubt that we are forming a bottom above $60,000. You just have to have a little patience,” said Credible Crypto.
If the support where we are now does not hold, there is still hope for Bitcoin at the $65,000 level, the analyst says.
“$60,000 is still the proverbial line in the sand. I expect that trend to continue. The weakness you see with altcoins was also as expected. The main takeaway is that Bitcoin remains comfortably above $60,000,” Credible Crypto said.
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Source: https://newsbit.nl/pseudonieme-analist-denkt-dat-de-bodem-bereikt-is-voor-bitcoin/
