Bitcoin

Phoenix

<p>Bitcoin’s recent pump back above $34,000 has some of the crypto market’s most prominent traders crying foul. According to them, the latest BTC price action is nothing more than a bull trap designed to sucker in exuberant buyers before the next major leg down.</p>
<p>Veteran crypto trader Phoenix made waves this week after <a href="https://twitter.com/Phoenix_Ash3s/status/1716676352626086328?t=Mj3wnoGCqAf12WpH5W25Vw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">calling</a> Bitcoin’s rally to $34,500 a “clearly manipulated move.” Phoenix maintains that Bitcoin remains in a firm bear market and will plunge as low as $12,000 in the coming months.</p>
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<p>He finds an unlikely ally in fellow top trader Toni Ghinea, who also <a href="https://twitter.com/ToniGhinea/status/1716594277709418766?t=xoa-m_3Ojdx7XF05AhvWcg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">believes</a> Bitcoin’s latest double-digit gains are merely a bull trap. “This is 100% a bull trap,” Ghinea tweeted, echoing Phoenix’s warnings about getting faked out by the pumping price action.</p>
<p>Both influential traders point to BTC’s sharply declining volumes and the weakness in altcoins as evidence that the rally is nothing more than a bear market bounce. They contend current prices are unsustainable and urge investors not to be lured into going long at such precarious levels.</p>
<p>Some speculate that Bitcoin’s price is being driven higher by rumors that the SEC may finally approve a Bitcoin ETF, allowing mainstream investors easier access. However, skeptics view this as a temporary factor that is unlikely to sustain BTC at current levels.</p>
<p>If Phoenix and Ghinea’s analysis proves correct, Bitcoin could be setting up for a precipitous drop. According to them, the smart move is avoiding long positions and waiting patiently for a retest of the bottom to open bigger short positions.</p>
<p>Of course, some analysts think the traders are being far too pessimistic about Bitcoin’s outlook. Only time will tell whether the latest pump turns out to be a bull trap or the start of a sustained recovery. But for now, skepticism appears to be the name of the game among many of crypto’s most accurate market readers.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/bitcoin-pumping-above-34k-a-manipulated-move-says-top-crypto-trader-heres-his-price-target/">Bitcoin Pumping Above $34K a ‘Manipulated Move,’ Says Top Crypto Trader – Here’s His Price Target</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Bitcoin Pumping Above $34K a ‘Manipulated Move,’ Says Top Crypto Trader – Here’s His Price Target

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