Bitcoin Is Reportedly Flashing Relative Strength – Here’s The Catch

It’s been revealed that following the tragic events involving FTX, it seems that Bitcoin continues to flash relative strength. Here are the latest predicitons about the price of the most important digital asset out there.

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.

As the online publication the Daily Hodl notes, at its height, FTX was considered the third-largest crypto exchange in the world, just behind Coinbase and Binance.

Cred said the following:

“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 said the fact that it is 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?”

He continued and said this:

“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?”

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $16,576.