1 year ago
While Bitcoin (BTC) has experienced a stroprice pump to footwear disconnected the caller year, galore manufacture pundits are not convinced the cryptocurrency volition proceed its upward trajectory — astatine slightest successful the abbreviated to mid-term.
The awesome terms surge — which saw BTC acquisition 14 days of consecutive terms increases earlier this period — has called connected galore to see whether the surge marks a important “breakthrough” oregon is indicative of a “bull trap."
Speaking to Cointelegraph connected Jan. 23, James Edwards, a cryptocurrency expert astatine Australian-based fintech steadfast Finder said the statement for a “bull trap” is stronger, informing the the caller surge could beryllium “short-lived.”
He stated that portion the BTC terms moved upwards implicit the weekend, the NASDAQ Composite and the S&P 500 besides made akin rallies:
"This suggests to maine that the rally successful crypto is not unique, and alternatively portion of a wider marketplace uplift arsenic ostentation figures stall and a risk-on appetite appears to instrumentality to investments. So Bitcoin is conscionable enjoying the effects of affirmative sentiment that originated elsewhere. This is apt to beryllium short-lived.”Edwards added that cryptocurrency markets inactive person immoderate “significant hurdles to wide earlier a caller bull marketplace tin begin.”
Among those obstacles, helium mentioned see the continued fallout over FTX’s collapse and the recent Chapter 11 filing by Genesis connected Jan. 19.
"As such, we're going to spot further sell-offs and downsizing arsenic crypto firms set their equilibrium sheets and dump tokens onto the marketplace to screen indebtedness and effort to enactment afloat,” helium explained.
In a connection to Cointelegraph, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone wasn’t assured successful the BTC terms trajectory either, citing recessionary-like macroeconomic conditions arsenic excessively large of a obstruction for BTC to overcome.
“With the satellite leaning into recession and astir cardinal banks tightening, I deliberation the macroeconomic ebbing tide is inactive the superior headwind for Bitcoin and crypto prices.”The sentiment was besides shared among immoderate connected Crypto Twitter, with cryptocurrency expert and plaything trader “Capo of Crypto” telling his 710,000 Twitter followers connected Jan. 21 that BTC’s propulsion past absorption looks similar “the biggest bull trap” helium has ever seen:
I've been checking charts each this time, avoiding sound from Twitter. The mode the upward question is happening, the mode htf resistances are being tested... it intelligibly looks manipulated, nary existent demand.
Once again, the biggest bull trap I've ever seen. But they won't trap me.
However, not each manufacture pundits were arsenic bearish.
Cryptocurrency marketplace investigation level IncomeSharks appeared bullish, having shared a “Wall St. Cheat Sheet” illustration to its 379,300 Twitter followers connected Jan. 22 making a mockery of the “Bears” who deliberation the latest terms movements are indicative of a “bull trap.”
#Bears astatine the Denial stage. "It's conscionable a bull trap" "It's each manipulation". Waiting for the Panic portion next... pic.twitter.com/Lo6nWyZPD2
— IncomeSharks (@IncomeSharks) January 22, 2023Sem Agterberg, the CEO and co-founder of AI-based trading bot CryptoSea besides precocious shared a flood of posts expressing affirmative sentiment towards BTC terms enactment to his 431,700 Twitter followers, suggesting that a “BULL FLAG BREAKOUT” towards $25,000 whitethorn soon beryllium connected the cards:
Meanwhile, others person refrained from making a forecast connected the price, apt fixed the unpredictability of crypto markets.
Here's my method investigation of wherever Bitcoin's terms is going. pic.twitter.com/cOFueErgGq
— Dan Held (@danheld) January 21, 2023Related: Bitcoin terms consolidation opens the doorway for APE, MANA, AAVE and FIL to determination higher
Bitcoin (BTC) is presently priced astatine $22,738, portion the Bitcoin Fear and Greed Index is presently astatine “Neutral” with a people of 50 retired of 100, according to Alternative.me.
The cryptocurrency managed to interruption retired of the “Fear” portion connected Jan. 13 — which was past scored astatine 31 — aft the BTC terms accrued for 7 consecutive days.
Market sentiment of Bitcoin expressed connected a 0-100 “Fear & Greed Index” scale. Source: Alternative.me.
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