A popular crypto trader thinks Bitcoin (BTC) has hit its local bottom and is “building a base” for a reversal in trend.
The pseudonymous crypto analyst Credible tells his 326,900 Twitter followers that Bitcoin has achieved a bullish divergence into a key level of support.
Credible also says he believes Bitcoin is building a base for reversal in the high $30,000s to low $40,000s, though he cautions that it “will take some days to develop.”
The top-ranked crypto asset by market cap reached as high as $46,900 at the beginning of April before a dip to the current sideways trading levels. BTC is trading at $41,369.83 at time of writing, up 1.6% in the past 24 hours and nearly 3% in the past week.
Credible also says if he had to select one crypto asset to buy and hold for ten years, he would pick the decentralized finance (DeFi) altcoin Convex Finance (CVX).
Convex, which offers no withdrawal or minimum performance fees, rewards liquidity providers and Curve (CRV) stakers on the Curve Finance exchange. CVX can be staked into Convex Finance to earn a share of Curve’s liquidity pool earnings.
Hmm probably $CVX. Gives exposure to $CRV, $FXS (and probs other protocols down the road) and the bi-weekly bribes/incentives are like constant “dividends” paid out to you which would make holding through a bear less painful. https://t.co/AI1jW6VbNM
— Credible Crypto (@CredibleCrypto) April 18, 2022
CVX is trading at $28.03 at time of writing. The 73rd-ranked crypto asset by market cap is down 2.5% in the past seven days.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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/kkssr/S-Design1689
The post Bottom Is In and Reversal Underway for Bitcoin (BTC), According to Top Crypto Analyst appeared first on The Daily Hodl.