{"id":9812,"date":"2023-01-16T22:33:46","date_gmt":"2023-01-16T22:33:46","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=9812"},"modified":"2023-01-16T22:33:47","modified_gmt":"2023-01-16T22:33:47","slug":"bitcoin-price-breakout-or-bull-trap-5k-twitter-users-weigh-in","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9812","title":{"rendered":"Bitcoin price breakout or bull trap? 5K Twitter users weigh in"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) is trading at its highest levels in over two months, but the phrase on every trader\u2019s lips is \u201cbull trap.\u201d<\/p>\n<p>After delivering 25% returns in a single week, BTC\/USD remains under suspicion among Bitcoin bear market survivors.\u00a0<\/p>\n<h2>Bitcoin bull trap fails to convince<\/h2>\n<p>It has been called the \u201cbiggest bull trap\u201d ever seen, and despite holding above $20,000, BTC price action is fooling no one.<\/p>\n<p>This week, with Wall Street closed until Jan. 17, out-of-hours trading continues to support higher levels, but faith in these staying around for long is hard to find.<\/p>\n<p>For those who observed drop after drop throughout 2022, culminating in the FTX scandal, it appears simply too good to be true that Bitcoin will now flip bullish.<\/p>\n<p>That is the current result of Cointelegraph\u2019s dedicated Twitter survey\u00a0asking\u00a0market participants and other Twitter users whether the latest bull run has legs.<\/p>\n<p>At the time of writing, only 38.6% of over 5,000 respondents believe it does, with the majority agreeing that $21,000 BTC\/USD is a \u201cbull trap.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">A bull run or bull trap?<\/p>\n<p>\u2014 Cointelegraph (@Cointelegraph) January 16, 2023<\/p>\n<p>They are far from alone. <\/p>\n<p>\u201cThe moment they realize this pump is just a short squeeze and not real buying, it will be too late already. Once again, the biggest bull trap I\u2019ve ever seen,\u201d popular account Il Capo of Crypto wrote in a debate over the weekend.<\/p>\n<p>Similarly skeptical was analyst Toni Ghinea, who likewise agreed with the \u201cbull trap\u201d description.<\/p>\n<p>\u201cPeople are bullish. You know what happens next,\u201d he added, having also predicted that BTC\/USD would fall to $14,000 at some point in 2023.<\/p>\n<h2>\u201cThe very epitome of disbelief\u201d<\/h2>\n<p>Others, meanwhile, are less categorical in their market appraisals but will not be drawn on the odds of the rally enduring.<\/p>\n<p><strong><em>Related:\u00a0BTC price cancels FTX losses \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>Fellow trader Pentoshi forecasted\u00a0\u201ca decent amount of volatility and sharp moves each way imo short term\u201d last week, while Jeff Ross, founder and CEO of Vailshire Capital Management, said that \u201conly time will tell.\u201d<\/p>\n<p>\u201cRegime change or bull trap?\u201d he queried as BTC\/USD approached its first weekly close above the 200-day moving average in months.<\/p>\n<p>Investor and entrepreneur Alistair Milne, a veteran of Bitcoin markets, nonetheless had a message for those still on the fence.<\/p>\n<p>\u201cSeeing a lot of \u2018I don\u2019t trust this rally\u2019 or \u2018this is a bull trap\u2019 or \u2018why does this make me uncomfortable\u2019 in my feed,\u201d he tweeted at the weekend. <\/p>\n<p>\u201cThis is the very epitome of the \u2018disbelief\u2019 stage of a market cycle. Bitcoin bear markets end with face-melting rallies (typically a 2x from lows).\u201d<\/p>\n<p>An accompanying graphic showed the ever-popular \u201cWall Street Cheat Sheet,\u201d with Milne arguing that Bitcoin was at the start of a new bull run. As Cointelegraph reported, not everyone agrees, even on this.<\/p>\n<p>At the time of writing, BTC\/USD traded at $20,800 on Bitstamp, data from Cointelegraph Markets Pro and TradingView showed.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-breakout-or-bull-trap-5k-twitter-users-weigh-in\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is trading at its highest levels in over two months, but the phrase on every trader\u2019s lips is \u201cbull trap.\u201d After delivering 25% returns in a single week, BTC\/USD remains under suspicion among Bitcoin bear market survivors.\u00a0 Bitcoin bull trap fails to convince It has been called the \u201cbiggest bull trap\u201d ever seen, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9812"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9812\/revisions"}],"predecessor-version":[{"id":9814,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9812\/revisions\/9814"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9813"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}