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Top Analyst Says Bitcoin Flashing Relative Strength Despite ‘Worst News Fathomable’ – But There’s a Catch

Top Analyst Says Bitcoin Flashing Relative Strength Despite ‘Worst News Fathomable’ – But There’s a Catch

A famous cryptocurrency strategist highlights Bitcoin’s (BTC) ability to sustain current price levels in the face of a prominent black swan event. The pseudonymous analyst known in the industry as Cred says Bitcoin is showing relative strength despite the collapse of the cryptocurrency exchange FTX. At its peak, FTX was considered the third largest cryptocurrency exchange in the world, behind only Coinbase and Binance.

Cred says, “I understand the relative strength argument given the magnitude of what is going on. It must be this if you want to make an optimistic argument. We had the worst news that was unfathomable and unfathomable. However, the market is still range-bound on the daily chart, so someone is ready to take it.

While noting the presence of buyers at current levels, the crypto strategist argues that it’s also possible that market participants have been slow to react to the news.

“Every time I get into that kind of thinking, which I think is a reasonable premise, my paranoid mind basically starts saying, ‘What if it’s just inefficient and if it’s a lag? And it’s not relative strength; it’s just the market is [What if] nobody knows what’s going on and late people panic and the prices that we’re seeing aren’t ‘efficient’ and stuff like that, and then it finally catches up and seems obvious in hindsight?”

According to Cred, if Bitcoin can sneak up even as adverse events hit crypto markets, its concerns about price action catching up with the news would be alleviated. But for now, the cryptanalyst says it probably is. Soon to make a solid bullish case for bitcoin. At the time of writing, Bitcoin is changing hands for $16,703, unchanged on the day.

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