Bitcoin prices are up more than 7% in the last 24 hours and almost 20% in the last 7 days. BTC is currently trading at $23.4K. Despite this, experts believe Bitcoin’s price surge is more of a bull trap than a breakout.
CryptoWhales, a major influencer and crypto investor, pointed to the fact that one of the biggest whales is dumping BTC. According to him, the recent uptrend in BTC is a bull trap that represents exit liquidity for many whales.
BTC’s bullish move is consistent with the broader crypto rally. Ethereum has seen skyrocketing prices following the release of the merger date. Its price is up more than 40% in the last 7 days and it is currently trading at $1,537.65.
Bull trap or bull market
A record BTC sell-off worth $361,686,300 points to exit liquidity for whales, according to CryptoWhales. He also revealed that much more dump-off is expected and that BTC price will drop to $10,000.
Another major crypto influencer and investor, il Capo Of Crypto, revealed that while the trend for BTC is bullish on a low timeframe, it is very heavily bearish on a high timeframe. He also warns that the main target is somewhere between $15.8k and $16.2k. He has long repeated the bearish divergences of the market.
Profit Blue, a BTC investor since 2014, believes it is sticking to its bearish stance. He believes the market is a very well played bull trap.
BTC is still showing strength
Despite bulltrap warnings from experts, BTC has shown strength. BTC recently broke above the 200-week moving average, which is a major achievement.
Additionally, Willy Woo, a top Bitcoin analyst, revealed that the price of BTC is directly in line with the realized price. This acts as resistance, but has historically been a good sign.
Bitcoin’s “Fear and Greed” index also moved in the right direction, now pointing to “Fear” rather than “Extreme Fear.”
Nidhish is a technology enthusiast whose goal is to find elegant technical solutions to solve some of society’s biggest problems. He is a strong believer in decentralization and wants to work on mainstream adoption of blockchain. He is also a huge fan of almost every popular sport and loves to chat about a variety of topics.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
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