Analysts send mixed news about Bitcoin Bull Trap scenario
Analysts send mixed news about Bitcoin Bull Trap scenario
Bitcoin prices have increased over the weekend and have continued the rally that started with the new year. Since its cycle low of $ 15,665 on November 22nd, the asset has increased an increase of 45 %.
However, there are growing fears of a bull trap, although the rally still shows strength. A bull trap is a trend reversal that forces market participants on the wrong side of the price movement to leave positions with unexpected losses.
The Bitcoin markets have been in the downward trend since the end of 2021, and the asset is still 67 % away from its maximum. This trend could continue this year.
Bitcoin Bull Trap Fears
The analyst and dealer "Il Capo of Crypto" said that the latest market movements are manipulated without real demand. It is "the largest bull trap I've ever seen," he called out on the weekend.
I checked diagrams all the time and avoided Twitter's noise. The way in which the upward movement takes place, the way in which HTF resistance is tested ... It clearly looks manipulated, no real demand.
Again the largest bull trap I've ever seen. But they won't catch me.
- il capo from crypto (@cryptocapo_) 21. January 2023
Since the global economy is in a desolate state, a recession threatens and there is very little available income for investments in risky asset classes, it seems a little premature to speak of a bull market.
However, it seems to be more mood that leads towards the Bull trap scenario, with patterns like this appear on tradingview.
btc - bulltrap and most likely back to 12,000 for BITSTAMP: btcusd by mycotoxin #btcusd https://t.co/ioeadutzdx pic.twitter.com/wjrssymqc
- Bitcoinagile (@Bitcoinagile) 23. January 2023
others have released this market psychology diagram, which appears during each bearing.
Denial phase. "It's just a bull trap" "It's all manipulation". Wait for the panic section next ... pic.twitter.com/lo6nwyzpd2
- income sharks (@income sharks) 22. January 2023
The bulls Counts how much the prices moved from the floor had.
"If the price has moved by 50 % of the lows, this is no longer a bull trap, but a movement that you missed."
The popular analyst and chart guru “Planb” remains confident that the Baisse is over.
impressive! Bitcoin price via short-term holder (STH) and realized price. And .. STH, realized and 2-year-old realized price everyone is increasing again. Another proof that the bear is over and the bull market has started🚀
Further explanations of this diagram in this video: https://t.co/ngzaiq81zw pic.twitter.com/z3ureptoro
- Planb (@100 trillions USD) 22. January 2023
BTC price view
Bitcoin was traded at $ 22,787 after 24 hours of consolidation. On January 23, he reached an intraday high of $ 23,262, the highest price level since mid-August.
The resistance in the previous September high was broken, which indicates that the bulls have not yet run out of breath.
BTC has done 33.5 % in the last seven days and is at a five -month high. Since the entire crypto market capitalization is again approaching $ 1.1 trillion, things seem to be on the Zinsbullische side this Monday morning.
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