While Bitcoin (BTC) is starting to gain momentum again, 3 leading analysts shared their opinions on the BTC price.
Bull Trap Warning!
While the crypto money market started to recover yesterday, Bitcoin also managed to rise above the support level at $ 16,000. Despite the fact that BTC is gaining momentum, traders and analysts continue to be cautious about the market. Despite many frightening and yet unresolved problems, including the bankruptcy scenarios of Genesis Trading and the record discount on the shares of Grayscale Bitcoin Trust (GBTC), BTC recorded an increase today. Data obtained from TradingView shows that demand from bottoming purchases led BTC to hold the support points at the 15.735 and 16.130 dollar levels, and then to the 16.298 dollar. BTC is currently trading at $16,554.
Kitco technical analyst Jim Wyckoff pointed out that the risk remains after BTC fell to the lowest level in the last two years. According to the analyst, the current uptrend may be a bull trap. In addition, a survey conducted on Twitter among expert traders indicates that the Decadence in BTC will deepen. Some described it as a dead cat jump, while others considered it a bull trap. According to experts, a bull trap can be defined as a misleading market movement that indicates the beginning of an upward trend. A bull trap causes investors to believe that an uptrend has been entered when prices that are in a bear market (downtrend) or are in a horizontal (trendless) movement quickly break their resistance.
Michaël van de Poppe Shared the Critical Level
Michaël van de Poppe, CEO of Eight Global and a leading analyst, shared a graph of what levels should be monitored during this process. According to the expert, it is important to pass $ 16,600 in this process. Another analyst, Rekt Capital, compared the FTX crisis to cases such as Bitmex and Mt Gox, hinting that the bottom level in BTC may be close.
The analyst paints an optimistic picture for the long term. Altcoin prices have also recovered sharply. Among the most notable performers of the day, Curve DAO Token (CRV) was at the forefront with an increase of 26.6%, Celo (CELO) with an increase of 18.25% Dec and Litecoin (LTC) with an increase of 13.34%. The value of the crypto currency market is currently $ 801 billion and Bitcoin’s dominance rate is 38.6%
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