Is this a sign of the next Bitcoin bull run? Or just another bull trap?

[cheezcarls]

Bitcoin buy positions on Bitfinex have spiked to levels not seen since February. Sell positions, on the other hand, are around their lowest level ever.

After experiencing compounding losses in the past week, Bitcoin rebounded significantly yesterday from a low of $6,600. Now trading at around $7,150, the bulls are trying to push this higher and it appears they have some momentum.

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I would like to pay more attention to the word “momentum”.

No matter what “momentum” do they have, it would probably end up as a bull trap in the current situation of the cryptocurrency market today.

I honestly believe that the momentum wouldn’t last long and may not help much to spike Bitcoin’s price once again, even if the buy positions have spiked to high levels. There is no guarantee now that Bitcoin may going to have another bull run soon even if the number of buy positions are growing to its level that we’ve never seen since February.

What happened last February? Even if there’s a high number of buying positions in Bitmex or in other exchanges, there’s not much impact in Bitcoin’s price back then until after the April Fool’s Day where it grown from $4k+ to $6k+, and then up to almost $14k in the middle of this year.

[darkangel11]

It's a psychological barrier. People know that 6k used to be a very strong support in 2018 and again in the early 2019 so they think it's a good place to buy in.
I don't focus on daily prices. What matters is months and years not days. If you look at months we are still in the same trend since the beginning.
The price should have been at 5k in 2015 but it got oversold to 3k and quickly made it back to the long term trendline at 5k. Now this trendline is at 6k and will be at 7k at the time of the halving.

[bitsurfer2014]

~snip~

I guess its a positive news if we are indeed heading to the next bull run but I think its too early to tell on what might be the market's next move especially if we speculate on it based on a data of one exchange alone.

TBH, the community are getting tired of these kinds of speculations where we often end up being disappointed on our expectations though everybody hopes the the best is yet to come in cryptosphere! Imho.

[boltz]

I think we are facing a strong accumulation phase right now as the patterns indicate that whales are buying a lot of bitcoin and bots are active that the day before so those who are waiting lower prices we might never see them if this pace keep going like crazy.

The sign indicate nor bull run or bear market as bull run is far for happening and bear market is already here creating panic and deception among holders and traders. Holders are getting panicked and some of them already dumped and traders loose money every day as the charts are hard to read in order to make some decent profits.

[fuguebtc]

It's a psychological barrier. People know that 6k used to be a very strong support in 2018 and again in the early 2019 so they think it's a good place to buy in.
I don't focus on daily prices. What matters is months and years not days. If you look at months we are still in the same trend since the beginning.
The price should have been at 5k in 2015 but it got oversold to 3k and quickly made it back to the long term trendline at 5k. Now this trendline is at 6k and will be at 7k at the time of the halving.

Only long term investors (HODLers) don't see price daily but day traders cant avoid that. Bull run like Dec 2017 cant be seen on every month or year. We have seen BTC going down to 3500 USD this year before jumping back. I can see great potential even in this bear market.

[enhu]

We're not there yet, most of the whales are just accumulating more coins and the news, fake or not seem to cooperate with how they can accumulate more, its a combinations of bull and bear trap at every swing of prices. If the price will dip below $3k as being spread on some articles, we may never know until it happen. The one thing that is sure to happen is that if you panic and sell, they will pick your order.

[the rise]

We're not there yet, most of the whales are just accumulating more coins and the news, fake or not seem to cooperate with how they can accumulate more, its a combinations of bull and bear trap at every swing of prices. If the price will dip below $3k as being spread on some articles, we may never know until it happen. The one thing that is sure to happen is that if you panic and sell, they will pick your order.

I didn't even panic at all, since February, bull traps often occur, and I believe it's just a low accumulation rate that finally ends with a decline back, a futures test at Bakkt that facilitates around $ 30 trillion, makes many markets react spontaneously, but that not an accurate signal for a change to a reversal trend.

[yoseph]

I am just going to wait without making any speculation about the future but this has been a tough week for bitcoins and when it dipped below $6000, I was afraid it was going to go all the way to to $5000 but I see the resurgence as a bit hopeful. Maybe the next bull run might be on our hands but am a bit skeptical and see the value on the weekends.

[Kprawn]

When the Bitcoin price drop with almost $500 in 24 hours and then recover in a few hours, then you know something is up. Slight volatility is not

unnatural in Bitcoin, but a drop like this definitely are abnormal. Someone are making a killer profit with this level of manipulation, but it is not good

for the Bitcoin merchants to have volatility like that. The recovery period is also too fast for a proper Bull trap, because it takes a while to reel in the

victims. I hope this Freak show is over now, because we need a good Black Friday and Xmas to end this year.  

[joshy23]

I am just going to wait without making any speculation about the future but this has been a tough week for bitcoins and when it dipped below $6000, I was afraid it was going to go all the way to to $5000 but I see the resurgence as a bit hopeful. Maybe the next bull run might be on our hands but am a bit skeptical and see the value on the weekends.

The bull run can be supported by investors who still believing that it will happen along the way, by simply holding and keep being patience waiting
for the next market movement. It's  a tough call since there's also a big possibilities that collapse may take place and even you are already thinking that
it's the bottom there's another dumped that will take place. Be attentive and don't take decision quickly assess and observe everything then decide
what to do after.

[pixie85]

I am just going to wait without making any speculation about the future but this has been a tough week for bitcoins and when it dipped below $6000, I was afraid it was going to go all the way to to $5000 but I see the resurgence as a bit hopeful. Maybe the next bull run might be on our hands but am a bit skeptical and see the value on the weekends.

What were you afraid of? If it goes there it's only a new opportunity to get more cheaper.

If you are afraid of because you are holding you're doing it wrong. Holding is only for those who can set it all aside and not worry. Leave worrying to the traders. Hodlers don't care and patiently wait for their moment.

[btc_angela]

If you're a long term holder, then the current flash crash doesn't matter, in my opinion. You're not going to be affected by the movement because you're looking at a long term goal. Regarding though if this is a bull trap, we can't really tell because this is how the market work. I mean if you have been in this game for so long, you know that the market is very volatile and unstable and the only thing you can do is to react and adjust your strategy.

[harizen]

There is no such thing as an accurate sign. Lines and indicators that are supposed to tell that the current trend is a "bull trap" are considered as a false signal. It's inaccurate and therefore can't act as a good reference. Also applied to the so-called "bear trap".

But honestly, as what we know in crypto, those legit or false signals always bound to be spoiled unlike in stock. Since others already liquidate their position, they can consider the current level as a new entry point even the price is expected to be lowered down in the few days.

Sometimes it's really confusing on what to do next if people will rely mostly on speculation based on the articles and news they have seen. This is the challenge in playing with the crypto market as the professional analysis doesn't work sometimes.

[qwertyup23]

Contrary to most people that think about the decrease on its price, people should take into consideration the opportunities that it provide in the long-run.

 Just to give a concrete example, the price of bitcoin has been steadily increasing over the past few years with some major increase/decrease but the trend is always on the increasing side. Even if the price dropped to around $7,200, the price would increase in the next few weeks or months. This is always been the case and I am only using the history of its price to back this contention!

Again, if there were accurate signs to predict the next price of bitcoin, then everyone would be rich by now. No one can accurately predict what would happen next but always take the negative side in to your advantage.

[DreamStage]

They are just buying because price went way too low in just few days.

If you think about it there was an enourmous drop from almost 9k to 6.6k.
What you think Investors will do next?

Of course they will just buy in all sudden meanwhile price is at a lower threshold.
That's what i would do if i would be an investor in this case.

Being a bull run or trap is what makes Bitcoin volatile and such trustable coin as it's an active coin meaning worth buying / selling for.

Based on those statements i believe it's another bull run which will eventually lower in few days again.

[watergold]

I will wait for bitcoin forever and I really like holding bitcoin in the long run, although many speculate about bitcoin news on the outside there I will not bother and I will not compare bitcoin before hing bitcoin now, which is clear I have bought bitcoin at prices low and I will wait for a long time and I am sure bitcoin will shine in the future.
Speculation, severe experts, technical analysis, actually I still do not believe it.

[pooya87]

this is more like a bear trap and a short term opportunity for those bears that are more flexible and adaptive to make some profit otherwise the time of the bear market has been over for nearly 10 months now or ever since price broke the $4k resistance and started rising up.
the bull market has begun but it is not yet fast enough to satisfaction of a lot of users which is why we keep seeing these pull backs happening. pull backs that are always mistaken with bull trap which is why we see panic sells too. in any case the momentum is there but not a big one.

[maydna]

I don't think it's another trap because as long as we can analyze and can find more information related to the market, we will always find for the way, and we will know what to do. So it is a trap or not, that will depend on how you can analyze the bitcoin market, so you will know what happens later. Right now, bitcoin price is down again and reaches $7,069 while we don't know where bitcoin price will move on this day. But there is a little green candle appear at the market, and that brings a new hope for us to see a new pump in the next few hours.

[piebeyb]

What happened last February? Even if there’s a high number of buying positions in Bitmex or in other exchanges, there’s not much impact in Bitcoin’s price back then until after the April Fool’s Day where it grown from $4k+ to $6k+, and then up to almost $14k in the middle of this year.

Bitcoin took the lowest price at the end of 2018 and then approached $ 3000 and at the beginning of 2019 the price increased in February shot at $ 14k until the middle of the year, if at the end of 2019 the price drops I think it's reasonable to see buying interest and the lowest price for example $ 6000, we will see in the beginning of next year, will it be like before, but I am happy that bitcoin is always organized on charts so I can easily analyze it, only time will bring months to bitcoin and I say it will not be long, once again it is not a trap

[Questat]

I have to think positive, no its not a trap and I think that is a good sign though.
We never know what would happen but we can always expect some positive changes on the market, what the whales are doing is they are playing us around here, I noticed this year that there are a lot of unexpected price movement, especially on the pump side, but then again, the price is back to a lower position which we are experiencing now.

if bull run will happen by December, then well and good, but I will not expect on that, instead I'll wait for it next year where the big event will happen.