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

Bitcoin (BTC) is trading at its greatest levels in over 2 months, however the phrase on every trader’s lips is “bull trap.”

After providing 25% returns in a single week, BTC/USD stays under suspicion among Bitcoin bearish market survivors.

Bitcoin bull trap fails to convince

It has been called the “greatest bull trap” ever seen, and in spite of holding above $20,000, BTC price action is fooling no one.This week

, with Wall Street closed till Jan. 17, out-of-hours trading continues to support greater levels, however faith in these remaining around for long is hard to find.For those

who observed drop after drop throughout 2022, culminating in the FTX scandal, it appears just too great to be true that Bitcoin will now turn bullish.That is the existing result of Pandoraland’s dedicated Twitter survey asking market participants and other Twitter users whether the current bull run has legs.At the time of writing, just 38.6%of over 5,000 participants believe it does, with the bulk concurring that $21,000 BTC/USD is a”bull trap. “A bull run or bull trap?– Pandoraland (@Pandoraland)January 16, 2023

They are far from alone.”The moment they recognize this pump is simply a brief squeeze and not genuine buying, it

will be far too late already.

As soon as once again, the greatest bull trap I’ve ever seen, “popular account Il Capo of Crypto composed in a dispute over the weekend.Similarly doubtful was analyst Toni Ghinea, who likewise agreed with the “bull trap “description. “People are bullish.

You understand what takes place next, “he included, having actually also forecasted that BTC/USD would be up to$14,000 at some point in 2023.” The extremely embodiment of disbelief”Others,

 meanwhile, are less categorical in their market appraisals however will not be made use of the chances of the rally enduring.Related: BTC rate cancels FTX losses– 5 things to understand in Bitcoin today Fellow trader Pentoshi forecasted” a decent amount of volatility and sharp relocations each method imo short term” last week, while Jeff Ross, founder and CEO of Vailshire Capital Management, stated that”

only time will inform.” “Regime modification or bull trap?”he queried as BTC/USD approached its very first weekly close above the 200-day moving average inmonths.Investor and entrepreneur Alistair Milne, a veteran of Bitcoin markets, however 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 unpleasant’in my feed,”he tweeted at the weekend.”This is the really embodiment of the ‘shock’ phase of a market cycle. Bitcoin bearishness end with face-melting

rallies (normally a 2x from lows).”An accompanying graphic revealed the ever-popular”Wall Street Cheat Sheet,”with Milne arguing that Bitcoin was at the start of a new bull run. As Pandoraland reported, not everybody concurs, even on this.At the time of writing, BTC/USD traded at$20,800 on Bitstamp, information from Pandoraland Markets Pro and TradingView showed . BTC/USD 1-hour candle light chart(Bitstamp ). Source: TradingView The views, ideas and viewpoints revealed here are the authors’ alone and do not always show or represent the views and viewpoints of Pandoraland.