Close Menu
CryptoHoppers.comCryptoHoppers.com
    What's Hot

    WTF are Runes and why it matters for BTC | NFT CULTURE | NFT News | Web3 Culture

    April 28, 2024

    Crypto Exchange: Choosing trustworthy platforms

    September 16, 2023

    Coinbase Calls for US BTC Reserve Amid Growing Demand

    January 20, 2025
    Facebook X (Twitter) Instagram
    • Privacy Policy
    • Get In Touch
    Facebook X (Twitter) Instagram
    CryptoHoppers.comCryptoHoppers.com
    • News

      July’s Rate Cut Dreams Fade: Fed Seen Holding Firm as Trump Fumes

      July 10, 2025

      UAE Rejects $100K Crypto Visa Program as TON’s Staking Plan Triggers Regulatory Backlash

      July 8, 2025

      Digital trade tensions take center stage between the U.S. and South Korea

      July 7, 2025

      Traders Gear Up: FOMC Prep Signals Bitcoin, Altcoin Buying Frenzy

      July 6, 2025

      Bitcoin: Here's why BTC might fall to $105K despite all the hype

      July 5, 2025
    • Technology

      Coinbase partners with Perplexity to unlock real-time crypto data for traders

      July 10, 2025

      Comment on Bitcoin Surges to $110K as Selling Pressure Declines; Is BTC Charting its Way to a New ATH Soon? by Bitcoin Price Prediction: BTC to Hit $145.1K by Year-End and More

      July 9, 2025

      CleanSpark Doubles Bitcoin Mining Power After Georgia Expansion

      July 8, 2025

      Dogecoin price double bottoms as whale accumulation continues

      July 7, 2025

      Comment on Metaplanet Joins Top 5 Bitcoin Holders With 13,350 BTC as Stock Surges 10% by Bitcoin Treasuries Boom as Firms Add 8,400 BTC in Just One

      July 6, 2025
    • Learn/Guide

      Coinbase, Perplexity AI join forces to enhance crypto data access for traders

      July 10, 2025

      Top perps DEX GMX hacked for over $40m, $GMX token plunges

      July 9, 2025

      Cardano Foundation unveils blockchain-based tool to simplify audit compliance and enhance financial reporting

      July 8, 2025

      Plume Network brings real-world yield to TRON’s global payment ecosystem via SkyLink integration

      July 7, 2025

      TON introduces UAE Golden Visa program through crypto staking, Toncoin soars 13%

      July 6, 2025
    • NFTs

      1mouth Analog: miirror’s Raw Leap from Digital to Handmade Chaos | NFT CULTURE | NFT News | Web3 Culture

      May 9, 2025

      NFTCulture Expands Into TCGs with Cardcore.xyz: Where Digital Collectibles Meet Competitive Play | NFT CULTURE | NFT News | Web3 Culture

      May 8, 2025

      From Moonshots to Broken Links: The Rise and Fall of CloneX | NFT CULTURE | NFT News | Web3 Culture

      April 24, 2025

      Pacific Spirit: Vinyl Meets Code in a Groundbreaking Generative Drop on Art Blocks | NFT CULTURE | NFT News | Web3 Culture

      April 16, 2025

      Daizen: Elevating the NFT Multiverse on Apechain Blockchain | NFT CULTURE | NFT News | Web3 Culture

      December 5, 2024
    • Regulation

      SEC Drops Binance Lawsuit: How Regulatory Clarity Could Spark a BNB Price Rally

      May 30, 2025

      Kentucky Governor Signs Off On ‘Bitcoin Rights’ Bill, Strengthening Crypto Protections

      March 31, 2025

      Utah Moves Closer To Bitcoin Reserve As Bill Advances To Senate Standing Committee

      February 23, 2025

      Bitcoin ETFs In Focus As Kansas Senator Proposes Up To 10% Pension Fund Allocation

      January 26, 2025

      MicroStrategy May Face Tax Issues Over $19 Billion Unrealized Bitcoin Gains: Report

      January 25, 2025
    • Business

      Sri Lanka’s E-commerce Platform Kapruka to Introduce Crypto Payments

      November 17, 2024

      Leading Eastern European Exchange Exmo Sells Business in Russia, Belarus

      November 16, 2024

      Bank of Russia to Launch Digital Ruble Payment Infrastructure by July 2025

      November 15, 2024

      Bitcoin Mining Company Mara Holdings Now Holds 26,747 Bitcoin: Q3 Earnings Report Reveals

      November 14, 2024

      Brazil Prepares to Let Tradfi Institutions Embrace Crypto

      November 13, 2024
    • Live Pricing
    CryptoHoppers.comCryptoHoppers.com
    Home » Is It A Breakthrough Or Bull Trap?
    Business

    Is It A Breakthrough Or Bull Trap?

    June 8, 20234 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Is It A Breakthrough Or Bull Trap?
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Bitcoin almost broke its record for the longest streak of daily green price candles in January, but most think that its recent surge might be short-lived.

    While Bitcoin (BTC) has experienced a strong price jump to kick off the New Year, most industry pundits are not convinced that the crypto will continue its upside trajectory – at least in the near-term and mid-term.

    The impressive price surge – which saw BTC experience 14 days of consecutive price increases earlier this month – has called on many to consider whether the surge marks a considerable “breakthrough” or is indicative of a “bull trap.”

    While speaking to reporters on January 23, 2023, James Edwards, a crypto analyst at Australian-based fintech firm Finder stated that the argument for a ‘bull trap’ is stronger, warning the recent surge might be ‘short-lived.’

    He said that while the BTC price moved upwards over the weekend, the NASDAQ Composite and the S&P 500 also made some similar rallies:

    “This suggests to me that the rally in crypto is not unique, and instead part of a wider market uplift as inflation figures stall and a risk-on appetite appears to return to investments. So Bitcoin is just enjoying the effects of positive sentiment that originated elsewhere. This is likely to be short-lived.”

    Edwards added that crypto markets still have some “significant hurdles to clear before a new bull market can begin.”

    Among these obstacles, he mentioned include the continued fallout over FTX’s collapse and the recent Chapter 11 filing by Genesis on January 19. He explained:

    “As such, we’re going to see further sell-offs and downsizing as crypto firms adjust their balance sheets and dump tokens onto the market to cover debt and try to stay afloat.”

    In a statement to reporters, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone was not confident in the Bitcoin price trajectory either, citing recessionary-like macroeconomic conditions as too big of a barrier for BTC to overcome.

    “With the world leaning into recession and most central banks tightening, I think the macroeconomic ebbing tide is still the primary headwind for Bitcoin and crypto prices.”

    The sentiment was also shared among some on Crypto Twitter, with crypto analysts and swing trader “Capo of Crypto” telling his 710,000 Twitter followers on January 21 that Bitcoin’s push past resistance seems like “the biggest bull trap” he has ever seen:

    I’ve been checking charts all this time, avoiding noise from Twitter. The way the upward movement is happening, the way htf resistances are being tested… it clearly looks manipulated, no real demand.

    Once again, the biggest bull trap I’ve ever seen. But they won’t trap me.

    — il Capo Of Crypto (@CryptoCapo_) January 21, 2023

    Nonetheless, not all industry pundits were as bearish.

    Crypto market analysis platform IncomeSharks seemed bullish, having shared a “Wall St. Cheat Sheet” chart to its 379,300 Twitter followers on January 22 making a mockery of the ‘Bears’ who believe that the latest price movements are indicative of a ‘bull trap.’

    #Bears at the Denial stage. “It’s just a bull trap” “It’s all manipulation”. Waiting for the Panic part next… pic.twitter.com/Lo6nWyZPD2

    — IncomeSharks (@IncomeSharks) January 22, 2023

    The CEO and co-founder of AI-based trading bot CryptoSea, Sem Agterberg, also recently shared a flood of posts that expressed positive sentiment towards Bitcoin price action to his 431,700 Twitter followers, indicating that a “BULL FLAG BREAKOUT” towards $25,000 might soon be on the cards:

    In the meantime, others have refrained from making a projection on the price, possibly given the unpredictability of crypto markets.

    Here’s my technical analysis of where Bitcoin’s price is going. pic.twitter.com/cOFueErgGq

    — Dan Held (@danheld) January 21, 2023

    Bitcoin is now priced at $22,750, while the Bitcoin Fear and Greed Index is now at “Neutral” with a score of 50 out of 100, according to Alternative.me.

    The crypto managed to break out of the ‘Fear’ zone on January 13 – which was then scored at 31 – after the BTC price increased for seven consecutive days.

    Market sentiment of Bitcoin expressed on a 0-100 “Fear & Greed Index” scale. Source: Alternative.me.
    Market sentiment of Bitcoin expressed on a 0-100 “Fear & Greed Index” scale. Source: Alternative.me.





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Sri Lanka’s E-commerce Platform Kapruka to Introduce Crypto Payments

    November 17, 2024

    Leading Eastern European Exchange Exmo Sells Business in Russia, Belarus

    November 16, 2024

    Bank of Russia to Launch Digital Ruble Payment Infrastructure by July 2025

    November 15, 2024

    Bitcoin Mining Company Mara Holdings Now Holds 26,747 Bitcoin: Q3 Earnings Report Reveals

    November 14, 2024
    Top Posts

    Who is David Sacks? Trump’s pick for White House AI and Crypto Czar is a Bitcoin holder

    December 6, 2024

    Germany’s BTC selling nears an end with only 4,925 Bitcoin left to transfer

    July 12, 2024

    International securities regulator proposes framework for crypto assets

    May 23, 2023

    Welcome to CryptoHoppers.com! Stay informed with the latest updates, trends, and insights from the dynamic world of cryptocurrencies. From Bitcoin to altcoins, blockchain technology to decentralized finance (DeFi), we cover it all. Discover expert analysis, market trends, regulatory developments, and exciting innovations shaping the crypto industry.

    Top Insights

    July’s Rate Cut Dreams Fade: Fed Seen Holding Firm as Trump Fumes

    July 10, 2025

    UAE Rejects $100K Crypto Visa Program as TON’s Staking Plan Triggers Regulatory Backlash

    July 8, 2025

    Digital trade tensions take center stage between the U.S. and South Korea

    July 7, 2025
    Advertisement
    Demo
    CryptoHoppers.com
    Facebook X (Twitter) Instagram
    • News
    • Technology
    • Learn/Guide
    • Regulation
    • NFTs
    • Business
    • Live Pricing
    © 2025. Designed by CryptoHoppers.com.

    Type above and press Enter to search. Press Esc to cancel.