{"id":1942,"date":"2023-01-17T09:20:36","date_gmt":"2023-01-17T09:20:36","guid":{"rendered":"https:\/\/digitalcoinprice.com\/blog\/?p=1942"},"modified":"2023-04-03T10:21:32","modified_gmt":"2023-04-03T10:21:32","slug":"whats-next-for-bitcoin-bull-trap-or-breakout","status":"publish","type":"post","link":"https:\/\/digitalcoinprice.com\/blog\/whats-next-for-bitcoin-bull-trap-or-breakout","title":{"rendered":"What&#8217;s Next for Bitcoin? Bull Trap or Breakout?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #223c50;color:#223c50\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #223c50;color:#223c50\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/digitalcoinprice.com\/blog\/whats-next-for-bitcoin-bull-trap-or-breakout\/#Bull_Traps_on_Bitcoin_Fail_to_Persuade\" title=\"Bull Traps on Bitcoin Fail to Persuade\">Bull Traps on Bitcoin Fail to Persuade<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/digitalcoinprice.com\/blog\/whats-next-for-bitcoin-bull-trap-or-breakout\/#Disbelief_at_Its_Most_Extreme\" title=\"Disbelief at Its Most Extreme\">Disbelief at Its Most Extreme<\/a><\/li><\/ul><\/nav><\/div>\n<p>Some people are confident that crypto prices will continue to rise even as they ride monthly highs.<\/p>\n<p>Even though bitcoin is trading at its highest level in over two months, traders are constantly saying &#8220;bull trap.<\/p>\n<p>Bitcoin bear market survivors remain suspicious of <a href=\"https:\/\/digitalcoinprice.com\/coins\/bitcoin\">BTC\/USD<\/a> after it delivered 25% returns in a single week.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bull_Traps_on_Bitcoin_Fail_to_Persuade\"><\/span><strong>Bull Traps on Bitcoin Fail to Persuade<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">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 \u201cbiggest bull trap\u201d ever.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After seeing the price fall after the price drop in 2022, pinnacling in the FTX dishonour, Bitcoin now seems to be turning bullish.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A dedicated <\/span><a href=\"https:\/\/twitter.com\/cointelegraph\/status\/1614912329841545216\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">Twitter survey<\/span><\/a><span style=\"font-weight: 400;\"> asked market participants and individuals whether they believe the latest bull run has legs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to over 5,000 respondents, only 38.6% believe it is, with the majority identifying $21,000 BTC\/USD as a &#8220;bull trap.&#8221;<\/span><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">A bull run or bull trap?<\/p>\n<p>\u2014 Cointelegraph (@Cointelegraph) <a href=\"https:\/\/twitter.com\/Cointelegraph\/status\/1614912329841545216?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">January 16, 2023<\/a><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">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 <\/span><a href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1614250506611744770\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">wrote<\/span><\/a><span style=\"font-weight: 400;\"> the most famous bull trap I&#8217;ve ever seen.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A bull trap is a <\/span><a href=\"https:\/\/twitter.com\/ToniGhinea\/status\/1614019389170536450\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">similar concept<\/span><\/a><span style=\"font-weight: 400;\"> to analyst Toni Ghinea.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is a bullish mood among people. He also <\/span><a href=\"https:\/\/twitter.com\/ToniGhinea\/status\/1614651448913960960\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">predicts<\/span><\/a><span style=\"font-weight: 400;\"> that at <\/span><a href=\"https:\/\/twitter.com\/ToniGhinea\/status\/1613980915461398529\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">some point<\/span><\/a><span style=\"font-weight: 400;\"> in 2023, Bitcoin\/USD will fall to $14,000, as well.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Disbelief_at_Its_Most_Extreme\"><\/span>Disbelief at Its Most Extreme<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">While others are less definite in their market assessments, they still need to be convinced that the rally will endure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In his last week&#8217;s <\/span><a href=\"https:\/\/twitter.com\/Pentosh1\/status\/1614263706665328642\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">forecast<\/span><\/a><span style=\"font-weight: 400;\">, fellow trader Pentoshi predicts &#8220;sharp movements in both directions in the short term.&#8221;. Vailshire Capital Management founder Jeff Ross agreed that time would tell.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It seems a lot of people are saying, &#8220;I don&#8217;t trust this rally,&#8221; &#8220;this is a bull trap,&#8221; or &#8220;why does this make me uncomfortable&#8221; in my feed,&#8221; he peeped at the weekend.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The &#8220;Wall Street Cheat Sheet&#8221; is also included in Milne&#8217;s article, saying that Bitcoin is about to embark on another bull run. The issue is not universally agreed upon, as <\/span><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-fails-to-convince-that-bottom-is-in-with-12k-still-likely\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">Cointelegraph pointed out<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><a href=\"https:\/\/subscriptions.cointelegraph.com\/sign-up\/?via=markets&amp;_ga=2.142027444.742658523.1640948929-762064149.1640948929\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">Cointelegraph <\/span><\/a><span style=\"font-weight: 400;\">Markets Pro and <\/span><a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">TradingView<\/span><\/a><span style=\"font-weight: 400;\"> showed the bitcoin price to be $20,800 on Bitstamp at the time of writing.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &#8220;bull trap. Bitcoin bear market survivors remain suspicious of BTC\/USD after it delivered 25% returns in a single week. Bull Traps [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":1943,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news-updates"],"_links":{"self":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/1942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/comments?post=1942"}],"version-history":[{"count":7,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/1942\/revisions"}],"predecessor-version":[{"id":2706,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/1942\/revisions\/2706"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media\/1943"}],"wp:attachment":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media?parent=1942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/categories?post=1942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/tags?post=1942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}