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.
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.
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