The New Wave Will Bring These Lows!

Over the last 24 hours and 7 days, the Bitcoin price has gained 7% and around 20% respectively. It is currently trading above $24,000. Despite this, analysts consider Bitcoin’s price surge to be more of a bull trap than a breakout.

BTC chart gives bull trap warning signals, here’s what to watch out for

According to popular crypto investor and phenomenon CryptoWhales, one of the biggest whales is selling BTC. The analyst claims that the recent uptrend in BTC is an escape strategy and a bull trap for many whales. This momentum, which carried Bitcoin to $24,000, was in line with the altcoin market. As the merge date draws near, the rising demand for Ethereum has fueled the altcoin market. As a result, Ethereum is trading above the $1,500 resistance again. It’s up 50% since last week.

Bull market or bull trap?

According to CryptoWhales, the record BTC sale of up to $362 million marks an exit from liquidity for whales. However, the analyst stated that there will be much more declines and the price of Bitcoin will drop to $ 10,000. On the other hand, Il Capo Of Crypto, one of the leading Twitter analysts, said that although the short-term outlook is bullish, the long-term market is bearish. The analyst also points out that the main target is still between $15,800-16,200. Capo has been talking about this downtrend for a long time.

A BTC investor since 2014, Profit Blue is adamant that his pessimistic outlook remains unchanged. The analyst thinks the market is a very clever bull trap.

Bitcoin remains in the green above 5%

Experts’ bull trap warnings could not stop investors. Recently, BTC crossed the 200-week moving average, which is a significant achievement. In addition, the famous Bitcoin expert Willy Woo emphasizes that the BTC price is exactly close to the current price. Although it acts as a resistance, this is historically a positive indicator. We have given a detailed report prepared by Crasyscale on this subject. According to the firm, Bitcoin will remain in a bear market for a while. On the other hand, the “Fear and Greed” ratio position for Bitcoin is heading towards the zone. It now displays “Fear” instead of “Extreme Fear”.

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Meanwhile, the total value of the cryptocurrency market is rising for the first time since the last drop. It decreased to 800 billion dollars in the June and July periods. As of July 19, he left behind the $1 trillion psychological barrier.

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This value peaked at $3 trillion in November last year.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.