May 16, 2022

Crypto Analysts Warn About a Possible Bull Trap As Bitcoin Price Rises Above $52K

2 min read

BTC Price

Bitcoin price finally broke out above$50,000 to tape a new daily high of over$52,667 after spending the last 2 weeks under $50K. The crucial on-chain metrics is signalling bullish indication with the exchange Bitcoin volumes on the decline while whales continue to accumulate Bitcoin as Coinbase registered another 12K Bitcoin outflow the other day.

While the majority of these metrics suggest another leg of bullish momentum, nevertheless, a crypto analyst who goes by the name of Credible Crypto has actually alerted of a possible bull trap ahead and the surge may not be as smooth as numerous prepared for. The expert warned that even though the covert bearish divergence might get invalidated, the bulls might deal with rejection after topping $52,000. The analyst stated,

I still believe this to be a significant bull trap. Rather than a running flat, it looks like we will get an expanded flat. If ideal, we must see a relatively fast rejection after clearing the highs at 52k.

Bitcoin Bulls Face Rejection at$52K? The bull trap appears to be in play now as Bitcoin rate has faced its very first rejection after topping $52,000 as anticipated by the analyst. Bitcoin is currently trading at $51,579 n with a nearly 6% increase over the previous 24 hours. While on-chain metrics are still strong and might propel Bitcoin over $60K soon however in the short term, the $52K could end up being an instant resistance prior to retesting its all-time-high of $58,330.

In the long-lasting, the leading cryptocurrency is still looking strong and far-from losing its bullish momentum with a price target of $100,000 by the end of the year. The rate momentum is forming a parabola while when priced on M1 cash stock, the leading cryptocurrency is far from its ATH as Dollar value continues to decrease.

The post Crypto Analysts Warn About a Possible Bull Trap As Bitcoin Price Rises Above $52K appeared first on Coingape.