Bitcoin price breakout or bull trap? 5,000 Twitter users weigh in

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Bitcoin (BTC) is trading at its highest level in over two months, but the phrase on everyone’s lips among traders is a bull trap.

After generating returns of 25% in a single week, BTC/USD remains suspect among survivors of the Bitcoin bear market.

Bitcoin bull trap fails to convince

It’s been called the biggest bullish trap ever, and despite holding over $20,000, the BTC price action isn’t fooling anyone.

This week, with Wall Street closed until Jan. 17, after-hours trading continues to support higher levels, but it’s hard to find faith to sustain them.

For those who have watched decline after decline throughout 2022, culminating in the FTX scandal, it just seems too good to be true that Bitcoin will now turn bullish.

This is the current result of Cointelegraphs’ dedicated Twitter survey asking market participants and other Twitter users if the latest bull run has any legs.

At the time of writing, only 38.6% of over 5,000 respondents think this is the case, with the majority agreeing that $21,000 BTC/USD is a bull trap.

A bull run or a bull trap?

Cointelegraph (@Cointelegraph) January 16, 2023

They are far from alone.

By the time they realize that this pump is only a short squeeze and not an actual purchase, it will already be too late. Again, the biggest bull trap I’ve ever seen, Crypto’s popular Il Capo account wrote in a discussion over the weekend.

Equally skeptical was analyst Toni Ghinea, who also agreed with the description of the bull trap.

People are optimistic. You know what will happen next, he added, having also predicted that BTC/USD would fall to $14,000 sometime in 2023.

The very embodiment of disbelief

Others, meanwhile, are less adamant in their market assessments but won’t be attracted to the chances of the rally continuing.

Related:BTC price reverses FTX losses 5 things to know about Bitcoin this week

Fellow trader Pentoshi predicted a decent amount of volatility and sharp moves in either direction in the short term last week, while Jeff Ross, founder and CEO of Vailshire Capital Management, said only time will tell.

Regime change or bull trap? he asked as BTC/USD approached its first weekly close above the 200-day moving average in months.

Investor and entrepreneur Alistair Milne, a veteran of the Bitcoin markets, nevertheless had a message for those still on the fence.

Seeing a lot of I don’t trust this rally or it’s a bull trap or why it makes me uncomfortable in my feed, he tweeted over the weekend.

This is the epitome of the disbelief stage of a market cycle. Bitcoin bear markets end in face-melting rallies (usually a 2x from the lows).

An accompanying chart showed Wall Street’s popular cheat sheet, Milne claiming that Bitcoin was at the start of a new bull run. As Cointelegraph reported, not everyone agrees even on this point.

At the time of writing, BTC/USD was trading at $20,800 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

The views, thoughts and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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