The bullish period of Bitcoin (BTC) and altcoins has been considered a bull trap by several popular analysts.
From the first day of the new year, Bitcoin revives the markets with strong bullish candles. Especially in the last week, the rise experienced by altcoins has also increased the bull expectations. Aptos managed to reach the new highest peak as a result of its rise, which started from 3-4 dollars. This bullish wave has been considered a bull trap by several popular analysts in the crypto industry. According to analysts, the rises do not indicate a possible bull start.
Analysts See Bitcoin (BTC) Rise as a Bull Trap
On the Bitcoin (BTC) side, 14 consecutive days of price rises and an 18-week high trend drew attention. In particular, the rise of the global economy has created a bull mood in the crypto sector.
The rise in BTC price managed to encourage altcoins as well. Nearly all altcoins have surged close to 75 percent from bottoms.
James Edwards, a crypto analyst at Australia-based FinTech firm Finder, interpreted the rise in the entire crypto industry as a bull trap. Edwards warned investors that the bullish tide could be short-lived.
Also, addressing more than 700 thousand people on Twitter, analyst Crypto Capo said that the rise on the BTC side is the biggest bull trap he has ever seen. Capo stated that the rise in the crypto market, which has risen with manipulations, will not be permanent.
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