Top Analyst Says Bitcoin Flashing Relative Strength Despite ‘Worst News Fathomable’ – But There’s a Catch
A popular crypto strategist is highlighting Bitcoin’s (BTC) ability to hold current price levels in the face of a major black swan event.
The pseudonymous analyst known in the industry as Cred says Bitcoin is flashing relative strength despite the collapse of crypto exchange FTX.
At its height, FTX was considered the third-largest crypto exchange in the world, just behind Coinbase and Binance.
Says Cred,
“I understand that argument of relative strength that it’s holding up given the magnitude of what’s happening. If you’re going to make a bullish argument, it basically has to be that. We had the worst news that was fathomable and unfathomable yet the market is still kind of range bound on the daily [chart]. So someone’s willing to soak it up.”
While the crypto strategist notes the presence of buyers at current levels, he argues how it’s also possible that market participants are just slow to react to the news.
“Whenever I get into that type of thinking, which I think is a reasonable premise, my paranoid mind basically starts going, ‘What’s if it’s just inefficient and if it’s lag? And it’s not relative strength, it’s just the market is gridlocked?’ [What if] no one knows what’s going on and the people panic late and the prices we’re seeing aren’t ‘efficient’ and that type of thing and then it eventually catches up and looks sort of obvious in hindsight?”
According to Cred, his concern about price action catching up to the news would be dispelled if Bitcoin manages to creep up even if the crypto markets get hammered with negative events. But as for now, the crypto analyst says it is probably too soon to make a solid bullish case for Bitcoin.
At time of writing, Bitcoin is swapping hands for $16,703, flat on the day.
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/betibup33/PurpleRender
The post Top Analyst Says Bitcoin Flashing Relative Strength Despite ‘Worst News Fathomable’ – But There’s a Catch appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
