Bitcoin (BTC) recently underwent a downward correction, falling below the US$26,000 level, after an unsuccessful attempt to break the critical resistance point of US$30,000.
This price movement has led to speculation among analysts about the potential for a new wave of price increases and an uncertain path for this cryptocurrency.
In a series of posts on TradingView, pseudonymous crypto analyst Tolberti expressed concern Sunday (3/9/2023), regarding the recent spike in prices and the subsequent plunge in Bitcoin prices.
He indicated that this could possibly be a bull trap, a scenario where an apparent uptrend carries a false sense of security before a sudden reversal.
BTC will Enter the Bull TrapBased on the report of Finbold, Tolberti highlighted the formation of a significant head and shoulders pattern on the Bitcoin chart, which is usually associated with a bearish trend.“Even though Bitcoin (BTC) is experiencing a significant surge, this is clearly going into a bull trap, so don't get caught! We can see that the chart is forming a large head and shoulders pattern, which is a very bearish sign.
This pattern is not yet confirmed because the neck line is still holding, but the price is below the main blue trend line, which increases the probability of a decline!,” he said.
