Even though the price of Bitcoin has been rising recently, some remain skeptical that the correction is really underway, instead viewing the current rally as a bullish trap rather than a breakout signaling the end of the bear market.
Despite this, the biggest cryptocurrency has maintained its recent gains and appears to continue to shock market watchers.
What the experts think
According to James Edwards, cryptocurrency analyst at Finder, an Australian-based fintech company, the case for a bull trap is growing stronger, and he warns that the latest spike may only be temporary. Edwards went on to say that cryptocurrency markets still have a number of significant hurdles to overcome before a new bull market can begin.
Cryptocurrency analyst and trader known as Capo of Crypto tweeted to his 710,000 followers on Jan. 21 that Bitcoin’s surge past resistance appears to be the biggest bull trap we’ve ever seen. he has ever seen.
Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, is also pessimistic about the direction of Bitcoin price. He cites recession-like macroeconomic circumstances as too big a hurdle for Bitcoin to overcome.
However, this tipping point has yet to emerge. At the close of the last weekly candle, Bitcoin was trading above $22,800, which was its highest performance since the summer of last year.
On the other hand, BTC miners benefited greatly from the Bitcoin price increase in 2023. their activities.
Meanwhile, the on-chain signals continue to indicate that an official bullish status has been reached by the king coin.
