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Analysts Send Mixed Messages About “Bitcoin Bull Trap” Scenario

Analysts Send Mixed Messages About “Bitcoin Bull Trap” Scenario

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Answer Analysts Send Mixed Messages About “Bitcoin Bull Trap” Scenario

Bitcoin prices rose over the weekend, continuing the rally that started in the new year.

Bitcoin price has now gained 45% since its last cycle low of $15,665 on November 22, 2022.

There are growing fears of a Bitcoin Bull Trap although the rally is still showing steam.

A bull trap is a trend reversal that forces market participants to exit positions with unexpected losses.

Bitcoin markets have been trending lower since late 2021, with Bitcoin still far from its peak of 67%.

However, since the beginning of the year 2023, the bitcoin price has sent more positive signals that suggest the possibility of reversing the bearish trend.

Read:Cardano launches the flagship version of the “Daedalus” wallet

Bitcoin bull trap concerns:

Analyst and trader named “il Capo Of Crypto” on Twitter said that the recent market moves seemed to be manipulated without real demand.

Where he tweeted:

It is the biggest bull trap I have ever seen

With a global economy in tatters, a looming recession and little disposable income to invest in risky asset classes, it seems a bit premature to call it a bull market just yet.

Sentiment seems to be driving more towards a bull trap scenario, with patterns like this emerging on Tradingview:

Others have republished the chart of market psychology that pops up during every bear market.

While others believe that we are already done with the bear market, as the famous analyst and chart owner “PlanB” is still confident that the bear market is over, as he tweeted:

When the price moves off the lows by 50%, it is no longer a bull trap, it is a move you missed.

Bitcoin forecast:

Bitcoin is trading at press time at $22,722.

On January 23, bitcoin price reached an intraday high of $23,262 which is its highest price level since mid-August.

The resistance recorded in September has been broken, which indicates that the bulls have not lost steam yet.

The bitcoin price has increased by 35% over the past seven days and is currently at a five-month high.

With the total cryptocurrency market cap approaching $1.1 trillion again, things appear to be on the upside this Monday morning.

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