The post Is Bitcoin’s Surge a Bull Trap or the Start of a New Rally? What Next For Crypto Market appeared first on Coinpedia Fintech News
Presenting one of the two possibilities, the crypto analysts mentions that the current price surge of Bitcoin could be a bull trap. If this proves correct, the price of Bitcoin would not be able to remain in the present range for long and would fall back to a lower range.
In contrast to the aforesaid possibility, he also presents an optimistic view, emphasising the potential for the BTC price to consolidate between $70K and 90K. If the second scenario plays out, the consolidation would form a strong foundation for further growth in the market.
While I still don’t believe this is the impulsive move that most believe it is- $BTC has gone quite a bit higher than expected which changes things a bit on my end from a trading perspective. Really only two ways about this atm: 1. This is a massive bull trap 2. We keep…
— CrediBULL Crypto (@CredibleCrypto) November 12, 2024
BTC Market: What to Expect in the Coming Weeks
Regardless of the nature of the present price surge in the BTC market, CrediBULL Crypto asserts that in the next few weeks, the price will remain within the range of $70K and 90K. The crypto analyst claims that this period of price fluctuations will confirm the direction of the future movement of Bitcoin.
Altcoin Trading Opportunities During BTC Consolidation
The cryptocurrency analyst suggests that during the predicted BTC consolidation, there may be opportunities for lucrative long trades in the Altcoin market. The analyst states that he has a plan to explore these opportunities.
In conclusion, CrediBULL Crypto expects BTC to consolidate in the coming weeks, with altcoin trading opportunities emerging during this period.
