The post Bitcoin Holds Jumps Above $23K, Is This A Bull Trap? Here Is What You Need To Know appeared first on Coinpedia Fintech News
Initially the crypto market started the day on not so good terms, but one currency that has been holding on to its bullish momentum is Bitcoin. While the King currency is holding on to its $23,000, it suggests that investors are still positive on Bitcoin. This has resulted in the global crypto market moving past $1 trillion.
At the time of writing, Bitcoin is selling at $23,084 with a surge of 1.63% over the last 24hrs.
Meanwhile, a well-known crypto analyst and trader is predicting an opposite direction for Bitcoin. The analyst known as Capo informs his 710,100 Twitter followers that the crypto market performance is not dependent on organic demand. The direction in which the current bull runs and the high time frame resistance is moving, the analyst feels that it is manipulative without any demand.
Bitcoin To See Stronger Correction Ahead ?
To this one of his followers claimed that when Bitcoin price surged from $18,000, stablecoins got minted indicating demand rise. To which Capo asserted that this is definitely an artificial demand and the way this demand rises, stronger will be the correction.
However, last week Capo had claimed that Bitcoin was about to test its resistance level of $21,000. The analyst had also said that there is no bullish confirmation yet, but it turned out to be the opposite.
On the other hand, another crypto analyst and strategist known as Smart Contracter is of the opinion that the flagship currency will see some correction once BTC surges 38% in Jan.
Smart Contracter is the one who makes use of Elliott Wave theory which makes use of an advanced technical analysis to predict future price action. Elliott Wave uses crowd psychology that uses waves. As per the theory, whenever an asset is in waves one, three and five, it tends to be bullish. On the contrary, if an asset enters waves two and four, it suggests that the asset will see a correction.