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Here’s what’s in store for Bitcoin after the FTX crash, according to a top analyst

Here's what's in store for Bitcoin after the FTX crash, according to a top analyst

A well-known crypto strategist is figuring out what’s in store for Bitcoin (BTC) after the collapse of cryptocurrency derivatives exchange FTX.

Analyst Kred, under a pseudonym, tells his 518,300 followers on Twitter that after the FTX crash, only two price levels matter for Bitcoin.

“The first is the $20,000 price cycle high, which [has been] our range has been low for several months. Next is the shelf before the bullish market breakout closer to $11,000 or $12,000.”

Source: Credit/Twitter

According to Cred, Bitcoin is currently looking broadly bearish after consolidating around $20,000 for several months only to crash after the FTX crash. However, a popular strategist says BTC bulls can still regain control of the market.

“If the breakdown fails and [BTC] ends with level recovery [$19,300] where there was a breakdown, it would mean that the market was not ready to accept these lower prices. The failure is soaked up by willing buyers and then we can deal with it. [breakdown] like a deviation… [That] would show the conviction of a person who is ready to perceive such news, such an environment, and therefore it is worth paying attention to this force.

If the BTC bulls fail to take over, Creed says that Bitcoin is likely to drop to its next high temporary support near $12,000.

“Another scenario is if [BTC] again finds itself in this resistance [$19,000], so we just consolidate here and migrate. The level that I think is worth doing business at is close to that $11,000-$12,000 mark… If he wants to get back to that $11,000-$12,000 booty market shelf, that’s a really fresh level. This is also historically due to the fact that many cyclical drawdowns tend to slow down.”

At the time of writing, Bitcoin is changing hands for $16,825, up 1.09% on the day.

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Disclaimer: Opinions expressed in The Daily Hodl do not constitute investment advice. Investors should exercise due diligence before making any risky investment in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/Melkor3D/VECTORY_NT

Written by khirou

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