Some people are confident that crypto prices will continue to rise even as they ride monthly highs.
Even though bitcoin is trading at its highest level in over two months, traders are constantly saying “bull trap.
Bitcoin bear market survivors remain suspicious of BTC/USD after it delivered 25% returns in a single week.
Bull Traps on Bitcoin Fail to Persuade
While BTC has above $20,000, no one is fooled by its price action. There has never been a bull trap larger than this one. It was the “biggest bull trap” ever.
Despite Wall Street being closed until the end of the week, out-of-hours trading continues to be supportive, but faith that these levels will hang around for extended is hard to discover.
After seeing the price fall after the price drop in 2022, pinnacling in the FTX dishonour, Bitcoin now seems to be turning bullish.
A dedicated Twitter survey asked market participants and individuals whether they believe the latest bull run has legs.
According to over 5,000 respondents, only 38.6% believe it is, with the majority identifying $21,000 BTC/USD as a “bull trap.”
A bull run or bull trap?
— Cointelegraph (@Cointelegraph) January 16, 2023
In the end, they will realize that this pump is just a short squeeze and will not buy it when they realize it is just a short squeeze. In a debate over the weekend, Il Capo of Crypto wrote the most famous bull trap I’ve ever seen.
A bull trap is a similar concept to analyst Toni Ghinea.
There is a bullish mood among people. He also predicts that at some point in 2023, Bitcoin/USD will fall to $14,000, as well.
Disbelief at Its Most Extreme
While others are less definite in their market assessments, they still need to be convinced that the rally will endure.
In his last week’s forecast, fellow trader Pentoshi predicts “sharp movements in both directions in the short term.”. Vailshire Capital Management founder Jeff Ross agreed that time would tell.
Is the old regime ending, or is the new one just getting started? After months of closing below the 200-day moving average, BTC/USD approached its first weekly high of the year.
However, investing and entrepreneurship expert Alistair Milne, who has years of experience in the Bitcoin market, had a note for those still on the fence.
It seems a lot of people are saying, “I don’t trust this rally,” “this is a bull trap,” or “why does this make me uncomfortable” in my feed,” he peeped at the weekend.
The “Wall Street Cheat Sheet” is also included in Milne’s article, saying that Bitcoin is about to embark on another bull run. The issue is not universally agreed upon, as Cointelegraph pointed out.
Cointelegraph Markets Pro and TradingView showed the bitcoin price to be $20,800 on Bitstamp at the time of writing.