Bitcoin Price Drops Below $29,000 After Classic Bull Trap…Still More Pain?

Bitcoin Price Drops Below $29,000 After Classic Bull Trap…Still More Pain?

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Answer Bitcoin Price Drops Below $29,000 After Classic Bull Trap…Still More Pain?

After crashing in early May and throughout April 2022, Bitcoin showed and gave some hope to investors last week by returning to levels above $30,000.

In the last 24 hours, bitcoin price fell back below $29,000 after a strong correction in the US stock market.

Renowned analyst Peter Schiff describes what happened with Bitcoin as a classic bull trap for investors.

In one of his recent Twitter posts, Tell “Chef”:

I must admit that I am surprised that Bitcoin has held up so well.

But don’t be conceited with Bitcoin HODLers.

The market never gives investors that much time to buy the bottom.

Read:How bad is the bear market on the crypto market at this point?

This is likely to be a bull trap to attract as many buyers as possible before the next major blow down.

Many analysts have been talking about Bitcoin as a long-term inflation hedge, however this does not appear to be true according to Schiff, who elaborated on his opinion by saying:

Higher food and gasoline prices will put further downward pressure on Bitcoin prices.

That’s because grocery stores and gas stations won’t exchange their food or fuel for bitcoin.

So if bitcoin holders want to eat and drive soon, they will have to sell what they have to pay for it.

Bitcoin and facing more pain:

We cannot deny the fact that Bitcoin has been closely following the Nasdaq 100 Index on Wall Street.

So if the Nasdaq corrects further, which has a higher probability, Bitcoin could be weakening.

Crypto analyst Lark Davis explains that the Nasdaq has already corrected 28% from the top.

On Tuesday, the Nasdaq fell below its critical support of 12,100.

Thus, more pain can be experienced on Wall Street as well as for Bitcoin.

If the bitcoin price drops below $28,000, the next support level will be $22,000.

Read:Chainalysis Report: This Is Why Bitcoin Dropped Yesterday

This means that altcoins could face more pain in the future.

Robert Kiyosaki, author of Rich Dad Poor Dad, says he still believes in Bitcoin for the long-term.

And he tweeted:

I remain optimistic about the future of Bitcoin.

Waiting for a new bottom test.

20 thousand dollars? 14 thousand dollars? 11 thousand dollars? Why do I remain optimistic?

The answer is because the Federal Reserve and the Treasury are corrupt organizations.

They will destroy themselves before they can regain honesty, integrity, and moral compass.

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