{"id":539576,"date":"2023-01-16T17:03:16","date_gmt":"2023-01-16T14:03:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-breakout-or-bull-trap-5k-twitter-users-weigh-in\/"},"modified":"2023-01-16T17:03:16","modified_gmt":"2023-01-16T14:03:16","slug":"bitcoin-price-breakout-or-bull-trap-5k-twitter-users-weigh-in","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-breakout-or-bull-trap-5k-twitter-users-weigh-in\/","title":{"rendered":"# Bitcoin price breakout or bull trap? 5K Twitter users weigh in"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3d8ac450235\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3d8ac450235\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-breakout-or-bull-trap-5k-twitter-users-weigh-in\/#%E2%80%9D_Bitcoin_price_breakout_or_bull_trap_5K_Twitter_users_weigh_in_%E2%80%9C\" >&#8221; Bitcoin price breakout or bull trap? 5K Twitter users weigh in &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-breakout-or-bull-trap-5k-twitter-users-weigh-in\/#Bitcoin_bull_trap_fails_to_convince\" >Bitcoin bull trap fails to convince<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-breakout-or-bull-trap-5k-twitter-users-weigh-in\/#%E2%80%9CThe_very_epitome_of_disbelief%E2%80%9D\" >\u201cThe very epitome of disbelief\u201d<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_price_breakout_or_bull_trap_5K_Twitter_users_weigh_in_%E2%80%9C\"><\/span>&#8221; Bitcoin price breakout or bull trap? 5K Twitter users weigh in &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>Bitcoin (BTC) is trading at its highest levels in over two months, but the phrase on every trader\u2019s lips is \u201cbull trap.\u201d<\/p>\n<p>After delivering 25% returns in a single week, BTC\/USD remains under suspicion among Bitcoin bear market survivors.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_bull_trap_fails_to_convince\"><\/span>Bitcoin bull trap fails to convince<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It has been called the \u201cbiggest bull trap\u201d ever seen, and despite holding above $20,000, BTC price action is fooling no one.<\/p>\n<p>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.<\/p>\n<p>For those who observed drop after drop throughout 2022, culminating in the FTX scandal, it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears simply too good to be true that Bitcoin will now flip bullish.<\/p>\n<p>That is the current result of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cointelegraph\/status\/1614912329841545216\">Cointelegraph\u2019s dedicated Twitter survey<\/a>\u00a0asking\u00a0market participants and other <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> users whether the latest bull run has legs.<\/p>\n<p>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 \u201cbull trap.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">A bull run or bull trap?<\/p>\n<p>\u2014 Cointelegraph (@Cointelegraph) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Cointelegraph\/status\/1614912329841545216?ref_src=twsrc%5Etfw\">January 16, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>They are far from alone. <\/p>\n<p>\u201cThe 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 I\u2019ve ever seen,\u201d popular account Il Capo of Crypto <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1614250506611744770\">wrote<\/a> in a debate over the weekend.<\/p>\n<p>Similarly skeptical was analyst Toni Ghinea, who likewise <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ToniGhinea\/status\/1614019389170536450\">agreed<\/a> with the \u201cbull trap\u201d description.<\/p>\n<p>\u201cPeople are bullish. You know what happens next,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ToniGhinea\/status\/1614651448913960960\">added<\/a>, having also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ToniGhinea\/status\/1613980915461398529\">predicted<\/a> that BTC\/USD would fall to $14,000 at some point in 2023.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CThe_very_epitome_of_disbelief%E2%80%9D\"><\/span>\u201cThe very epitome of disbelief\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Others, meanwhile, are less categorical in their market appraisals but will not be drawn on the odds of the rally enduring.<\/p>\n<p><strong><em>Related:\u00a0BTC price cancels FTX losses \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>Fellow trader Pentoshi <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pentosh1\/status\/1614263706665328642\">forecasted<\/a>\u00a0\u201ca decent amount of volatility and sharp moves each way imo short term\u201d last week, while Jeff Ross, founder and CEO of Vailshire Capital Management, said that \u201conly time will tell.\u201d<\/p>\n<p>\u201cRegime change or bull trap?\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/VailshireCap\/status\/1614019542342336512\">queried<\/a> as BTC\/USD approached its first weekly close above the 200-day moving average in months.<\/p>\n<p>Investor and entrepreneur Alistair Milne, a veteran of Bitcoin markets, nonetheless had a message for those still on the fence.<\/p>\n<p>\u201cSeeing a lot of \u2018I don\u2019t trust this rally\u2019 or \u2018this is a bull trap\u2019 or \u2018why does this make me uncomfortable\u2019 in my feed,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/alistairmilne\/status\/1614194245979471873\">tweeted<\/a> at the weekend. <\/p>\n<blockquote><p>\u201cThis is the very epitome of the \u2018disbelief\u2019 stage of a market cycle. Bitcoin bear markets end with face-melting rallies (typically a 2x from lows).\u201d<\/p><\/blockquote>\n<p>An accompanying graphic showed the ever-popular \u201cWall Street Cheat Sheet,\u201d with Milne arguing that Bitcoin was at the start of a new bull run. As Cointelegraph reported, not everyone agrees, even on this.<\/p>\n<p>At the time of writing, BTC\/USD traded at $20,800 on Bitstamp, data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> showed.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/1cf00ca4-7228-481a-ae0e-4503e34e3ca8.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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