Bitcoin bull trap fails to convince
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.
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.
At the time of writing, only 38.6% of over 5,000 responses believe it does, with the majority agreeing that $21,000 BTC/USD is a “bull trap.”
A bull run or bull trap?
They are far from alone.
“The 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’ve ever seen,” popular account Il Capo of Crypto wrote in a debate over the weekend.
Similarly skeptical was analyst Toni Ghinea, who likewise agreed with the “bull trap” description.
“The very epitome of disbelief”
Others, meanwhile, are less categorical in their market appraisals but will not be drawn on the odds of the rally enduring.
Fellow trader Pentoshi forecast “a decent amount of volatility and sharp moves each way imo short term” last week, while Jeff Ross, founder and CEO of Vailshire Capital Management, said that “only time will tell.”
Investor and entrepreneur Alistair Milne, a veteran of Bitcoin markets, nonetheless had a message for those still on the fence.
“Seeing a lot of ‘I don’t trust this rally’ or ‘this is a bull trap’ or ‘why does this make me uncomfortable’ in my feed,” he tweeted at the weekend.
“This is the very epitome of the ‘disbelief’ stage of a market cycle. Bitcoin bear markets end with face-melting rallies (typically a 2x from lows).”
An accompanying graphic showed the ever-popular “Wall Street Cheat Sheet,” with Milne arguing that Bitcoin was at the start of a new bull run. As Cointelegraph reported, not everyone agrees, even on this.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.