Bitcoin Price Surge a Bull Trap?
According to a Twitter character with the identity of IncomeSharks, has offered an opinion on the current situation of crypto market.
As per Twitter handler for IncomeSharks the bears in the Bitcoin market is presently at the "denial stage".
IncomeSharks implied that the current Bitcoin rally is a bull trap and a manipulation sharing that the panic stage will follow.
Yahoo Finance
From the interpretation of IncomeSharks, the current Bitcoin rally is not going to lsst longer and is just a monetary surge. IncomeSharks further predict that Bitcoin price will fall down further going into consolidation.
If this interpretation is accurate, the forecasted dip will be followed by a sideways movement until a bottom emerges and a sustainable bull run begins.
The Wall Street cheat sheet in the tweet pointed out the different psychological stages in market cycle. It illustrates the human tendency of reacting in certain ways to the price of an asset when it develops.
While Domokos Csaba has a different opinion on the present market situation. According to Domokos Csaba, the market panic stage is already over and it's now one stage ahead in the "Anger Stage". Csaba thinks different to IncomeSharks, as per Csaba, the market is closer to sustainable bull run.
The recent Bitcoin rally has sparked different opinions so far and as multiple investors don't want to miss out on a sustained price rally, they are careful not to make a costly entry into the market.
CZ, CEO of Binance has advised investors to stay cautious while engaging the market.
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I am just waiting on the sidelines to see what happens. It can go up or down but I am waiting for the bull market to really trade any crypto. It doesn't make sense to do so right now for me. I suggest people just look at the risk-reward for their trade and decide off that.
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