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Bitcoin (BTC) is trading at its highest levels in over two months, but the phrase on every traderâs lips is âbull trap.â
After delivering 25% returns in a single week, BTC/USD remains under suspicion among Bitcoin bear market survivors.Â
Bitcoin bull trap fails to convince
It has been called the âbiggest bull trapâ ever seen, and despite holding above $20,000, BTC price action is fooling no one.
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.
That is the current result of Cointelegraphâs dedicated Twitter survey asking market participants and other Twitter users whether the latest bull run has legs.
At the time of writing, only 38.6% of over 5,000 respondents believe it does, with the majority agreeing that $21,000 BTC/USD is a âbull trap.â
A bull run or bull trap?
â Cointelegraph (@Cointelegraph) January 16, 2023
They are far from alone.
âThe 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 Iâve ever seen,â popular account Il Capo of Crypto wrote in a debate over the weekend.
Similarly skeptical was analyst Toni Ghinea, who likewise agreed with the âbull trapâ description.
âPeople are bullish. You know what happens next,â he added, having also predicted that BTC/USD would fall to $14,000 at some point in 2023.
âThe very epitome of disbeliefâ
Others, meanwhile, are less categorical in their market appraisals but will not be drawn on the odds of the rally enduring.
Related:Â BTC price cancels FTX losses â 5 things to know in Bitcoin this week
Fellow trader Pentoshi forecasted âa decent amount of volatility and sharp moves each way imo short termâ last week, while Jeff Ross, founder and CEO of Vailshire Capital Management, said that âonly time will tell.â
âRegime change or bull trap?â he queried as BTC/USD approached its first weekly close above the 200-day moving average in months.
Investor and entrepreneur Alistair Milne, a veteran of Bitcoin markets, nonetheless had a message for those still on the fence.
âSeeing a lot of âI donât trust this rallyâ or âthis is a bull trapâ or âwhy does this make me uncomfortableâ in my feed,â he tweeted at the weekend.
âThis is the very epitome of the âdisbeliefâ stage of a market cycle. Bitcoin bear markets end with face-melting rallies (typically a 2x from lows).â
An accompanying graphic showed the ever-popular âWall Street Cheat Sheet,â with Milne arguing that Bitcoin was at the start of a new bull run. As Cointelegraph reported, not everyone agrees, even on this.
At the time of writing, BTC/USD traded at $20,800 on Bitstamp, data from Cointelegraph Markets Pro and TradingView showed.
The views, thoughts and opinions expressed here are the authorsâ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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