Bitcoin

<p>The current Bitcoin price hike has made crypto enthusiasts split between those who believe that the market has already rebounded and those who think that there will be an expected slump soon.</p><h2 id="header-0">Bitcoin price hike due to curbed inflation?</h2><p>Bitcoin’s price, according to CoinMarketCap data, has reached $23,056.73, its highest since the second week of November last year, while Ethereum breached the $1,660 mark during the same period.</p><p>The price of cryptocurrencies started to <a href="https://micky.com.au/bitcoin-nears-23k-reaches-four-month-record/" rel="noopener noreferrer nofollow">rise early this month</a> in anticipation of an economic report indicating that inflation slowed in December. The number also bolstered expectations that the Federal Reserve would raise interest rates less aggressively than it has over the last year in an effort to curb inflation.</p><p>But be careful, caution the wary. Numerous crypto market analysts feel the current price increase is too good to be true and are naming the rally a bull trap, predicting that the breakout will reverse and burn traders who mistaken it for the start of a new upswing.</p><h2 id="header-1">Economic rebound or expect slump soon?</h2><p>On January 16, over 18,000 Twitter users participated in a survey on whether the rise in the crypto price is an indication that this is a new bull run, or it is just a bull trap, or even it is just a random sideways chop. And the majority believed the rise was certainly a bull trap. The survey was held by the Bitcoin page itself.</p><p>Twitter user Bezzi.BNB commented that it is “Too early for a bull run!”, while K Dub. thinks “Pump to 34-38k retrace to 22k, sideways ranging from 20k-25k for the next 8 month. Oct, Nov, we start the Pre-Halving Bull run. Bottom is in.”</p><p>Twitter user Cláudio Jr Mello, however, thinks it’s neither bull run nor bull trap, but whales trap, saying: “We are not in 2024”.</p><p>Meanwhile, Bapp.plus opined that the result of the <a href="https://twitter.com/Bitcoin/status/1614815692913770496" rel="noopener noreferrer nofollow">survey is a positive indication</a>. “It’s good most think this si a bull trap. It would be worrying otherwise.”</p><p>Although JP Morgan analysts’ research report on Friday was unable to confidently explain the rise in cryptocurrency prices, it did concede that market conditions for riskier assets had improved, noting the recent release of the inflation data.</p>

Bitcoin price hike splits crypto enthusiasts: market rebounded or slump expected

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