Even though the price of Bitcoin has been rising recently, some are skeptical that the correction is actually underway, instead viewing the current rally as a bull trap rather than a breakthrough signaling the end of the bear market. .
Despite this, the largest cryptocurrency has maintained its recent gains and appears to continue to surprise market watchers.
What the experts think
According to James Edwards, a cryptocurrency analyst at Finder, an Australian-based fintech firm, the case for a bull trap is getting stronger and he warns that the latest spike may only be temporary. Edwards went on to say that the cryptocurrency markets still have a number of big hurdles to clear before a new bull market can begin.
The cryptocurrency trader and analyst known as the Capo of Crypto tweeted on Jan. 21 to his 710,000 followers that Bitcoin’s rise beyond resistance appears to be the biggest bull trap he has ever seen.
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, is also bearish on the direction of Bitcoin’s price. He cites macroeconomic circumstances that are similar to a recession as a hurdle that is too big for Bitcoin to overcome.
However, that tipping point has not yet come into being. At the close of the most recent weekly candle, Bitcoin was trading at over $22,800, marking its highest performance since the summer of last year.
On the other hand, BTC miners have benefited greatly from the rising Bitcoin price in 2023. Miners who ended 2022 positive are benefiting from rising Bitcoin price and network hashrate, which is strengthening their business.
Meanwhile, the on-chain signals continue to point to the fact that the king coin has reached an official bullish state.
This post Bitcoin remains in an uptrend, but experts don’t think this is a breakthrough! What’s next for the BTC price?
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