The Start of a Bull Season on Bitcoin? Or a Trap?

[OnZen]

The Bitcoin price jumped from the ~$17k range to the ~$21k in the last 7 days. I'm not aware of any good news about Bitcoin, but the price seems moved so strongly, breaking its previous resistance.



It could be because the next year halving, but it seems too early. If the trend continues, Bitcoin price will break ATH later this year so it does not make sense IMO. Therefore, I don't think the pump can be sustained for too long and the price will soon drop to the ~$19k range and then the ~$17k range again soon. But who knows...

What do you think?

[The Cryptovator]

Have you seen the new price? It dropped hard a few hours ago as a result of some bad news about US law enforcement. I believe the growth was natural and not manipulated. If it is manipulation, it will not last long. However, the current crash was caused by bad news. Although there was no good news, Bitcoin experienced significant movement at the start of the new year. But we are unlucky and begin dumping.

[NeuroticFish]

What do you think?

I find it interesting that your post comes right after there was a 1000$ drop in the price. Half of that seems to be recovered, still...
What's going to happen next is hard to tell. Clearly after big pumps some cooldown (even slight drop) periods can easily follow. Even more, we're basically still in the price range of the bear market, hence it's not that clear it's over yet. On the other hand there are voices calling that 25k is at hand and the first cooldown will be only afterwards.
So, as I said: hard to tell.

[dunfida]

What do you think?

If you've been here on this market for a while now or been on years then you would really be having this feeling or thought in mind on which you would really be that suspicious on its movement but generally this is

just like an ordinary day wayback on where these movement percentages are really that possible on shorter time frame.It is really that we are getting shocked because we've been doing sideways movement
for so long and we haven't see Bitcoins price to behave on this way and thats why on the time that it do make out that recent movement then it do ends up on being significant.
Bull run or Bull trap? there's no one would able to guess it out.

[franky1]

there are people in the world if they were to mine bitcoin their costs to acquire bitcoin can go upto $90k this year
bitcoin has willing buyers at different prices.. thats not the problem

what is happening though is big institutional whale investors are "futures trading" making gamble bets the price i december would stay below $17k. the price in atleast the first few weeks of january stay below $21,5.. and they win their bets by simply use another stash of funds to arbitrage the spot markets to have a resistance wall to keep the price below such amounts they bet on

note the flat lines of december/january period, they are artificial flatlines caused by a resistance wall to artificially keep prices down

[kamvreto]

now the price is dropping dramatically, yesterday it had reached a high of $ 21,400. The market is also getting saturated, already overbought, so it's time to go down and try to go down to the nearest support. gradually the price continues to fall and if it passes $20k it will continue towards $19k.
The movement at the beginning of the year was indeed quite significant, but the correction that will occur will also be deeper. The halving is still a long way off and this year may be a year that doesn't have too much movement.

[Erumo]

No one will tell you the truth. Also no matter what people, they will be right. It is a trap on bear season that pretends to be bull. Year in crypto taught me that Bitcoin moves on its own. It can do sudden pumps, it can go up when world economy is down. It can go down even if tomorrow mass adoptions is announced. It can show no changes if Joe Biden announce it become one and only currency for US.

[albon]

The Bitcoin price jumped from the ~$17k range to the ~$21k in the last 7 days. I'm not aware of any good news about Bitcoin, but the price seems moved so strongly, breaking its previous resistance.

It could be because the next year halving, but it seems too early. If the trend continues, Bitcoin price will break ATH later this year so it does not make sense IMO. Therefore, I don't think the pump can be sustained for too long and the price will soon drop to the ~$19k range and then the ~$17k range again soon. But who knows...

What do you think?

In my opinion, this is just a little market recovery it's a bit like a bull market, after the halving event then this will be the time of the real bull season, there will be 12 months of slow and steady growth and there will be a pullback soon but then we will see higher lows on each pullback and by next May in the halving event the price will be somewhere near the previous all-time high, then the halving event always changes sentiment leading to a proper bull market, Bitcoin should be 60-70k after the halving event. the recession is one thing but I believe it's not going to stop the bull market, especially if it starts mooning, which brings in a whole world of new buyers.

[Oceat]

It seems like a bull trap isn't showing itself yet but with this price slowly dropping I think this is the start of it. Who knows? I can't tell if this is really the bull season but according to my memory in the past this price is common as traders do some trade so the price will move up and down a little but it won't break past at $25k or $26k IMO.

It's just too early to say that this is the start of bull season since we just started to break and past at that $17k for a week. We still have to observe it if it's really going to up and pump past that $21k now.

[franky1]

now the price is dropping dramatically, yesterday it had reached a high of $ 21,400. The market is also getting saturated, already overbought, so it's time to go down and try to go down to the nearest support. gradually the price continues to fall and if it passes $20k it will continue towards $19k.
The movement at the beginning of the year was indeed quite significant, but the correction that will occur will also be deeper. The halving is still a long way off and this year may be a year that doesn't have too much movement.

saturated/overbought?? where?

when the price moves down.. there are two ways
A. overbought(run out of buyers)
B. dumping(too many sellers)

A is noticeable if the "volume" decreases during a price dip
B is noticeable if the "volume" increases during a price dip

todays dip below $21k was a seller dumping session

however
if you are zoom is too close into a chart that you are seeing a movement of $21.4k to $20.9k as something you think is a "big movement"
then learn to chill a bit, relax, zoom out!..  and dont get so triggered by small events, its not good for your health

anything below a 10% price kick is just motions in the oceans. its not a time to shout 'Tsunami'

heck. lets just do a quick silly hourly chart explainer for those that get emotional over the small stuff

[Rikafip]

Have you seen the new price? It dropped hard a few hours ago as a result of some bad news about US law enforcement.

You mean that news about some surveillance program that gives law enforcement access to money transfer without court order? That doesn't seem to me like news that would affect bitcoin price that much. I think its more about small correction after bitcoin price going up 25% in the last 2 weeks that everyone expected.


Regarding whether this is a start of bull season, I don't think that we are out of the woods yet, and its too early to tell anyway. If we keep these levels for some time then we can be more optimistic but I wouldn't celebrate just yet.

[Crypto Library]

~snip~

I can't say anything with a 100% guarantee but I think it would be wise to observe the market for a while without making any big investments in excitement.
Because we have faced this situation many times during the bearish season, I think the market still has a big chance to back in 16k/17k  again or below it. Yes, it is true that according to many market analysis Bitcoin is likely to return to its bull-market in the halving of 2024. But I think until our Q1,Q2,Q3 of 2023 I don't think the market will give any such signal. But for its starting, I think we have to wait from the very end of 2023 to the end of the first q1 of 2024.

[len01]

it's just a natural movement of the market and it happened in 2022. It's just that someone assumed earlier this year that the magic started when the price increased surprisingly and people thought this would be a bullish start, but this is just a cycle.
indeed, if it happens that the bitcoin price reaches ATH at the end of this year, this is really unreasonable, while bitcoin's track record will start to increase and continue to rise in price after the halving every 4 years.
for the next price drop it will surely happen after a lot of bad news has come out about bitcoin and it will surely touch below $19k price.
but for me the bad news won't apply and it won't matter if the bullish time comes, but I don't know when.

[Yatsan]

More of a trap I guess. It is too early to assume a bullish season given that not all coins had an increase with the recent pump, opposite of what happens during an actual bull trend. So for now, it would be better to be careful of being caught by it. Investing would be a good idea and so is waiting for a more clear trend line. The actual increase, I believe, is more anticipated next year but that is not to exclude this year. The only point is to not hope that much just because the market was from a bad situation and it is just now wherein it is having signs of recovery. Would be a long way to go I guess before this market fully recover. But ofcourse if it would as this early, then that would be better.

[livingfree]

The Bitcoin price jumped from the ~$17k range to the ~$21k in the last 7 days. I'm not aware of any good news about Bitcoin, but the price seems moved so strongly, breaking its previous resistance.

It has something to do with FTX recovery and that's why we've seen a pump.

It could be because the next year halving, but it seems too early. If the trend continues, Bitcoin price will break ATH later this year so it does not make sense IMO. Therefore, I don't think the pump can be sustained for too long and the price will soon drop to the ~$19k range and then the ~$17k range again soon. But who knows...

What do you think?

Too early but can also be a factor on why we see many are starting to act as early as now and buying as much as they can before the halving occurs.

Even if the pump will drop to $17k or $16k then it is going to be another chance of buying again. So while everyone sees a lower price of bitcoin, everyone must decide to buy as early as we can before it shoots to the price that we'll consider "too expensive" as much as we hear from the feedback of those that haven't bought it yet.

[Davian144]

The Bitcoin price jumped from the ~$17k range to the ~$21k in the last 7 days. I'm not aware of any good news about Bitcoin, but the price seems moved so strongly, breaking its previous resistance.

There is no good news specifically for Bitcoin at this time, as well as recent bad news that also does not exist for Bitcoin so that Bitcoin is still able to maintain a price level that is much better than last year's decline. Even though currently the price of Bitcoin has also started to be under $ 21K again, I still think that the next increase can still occur in the near future for Bitcoin. Because in general there's been some good news coming out for the crypto space at the moment and it could definitely be a good leverage for Bitcoin right now.

It could be because the next year halving, but it seems too early. If the trend continues, Bitcoin price will break ATH later this year so it does not make sense IMO. Therefore, I don't think the pump can be sustained for too long and the price will soon drop to the ~$19k range and then the ~$17k range again soon. But who knows...

What do you think?

Why do you say it's too early for the halving next year? I also don't think for ATH at the end of the year on Bitcoin, but it's not unreasonable that Bitcoin could be at a price level very close to ATH at the end of the year if the price increases outweigh the falls. Because the price resistance of Bitcoin this year will probably be so different from last year that I don't think Bitcoin will be at $19K or $17K anytime soon.

[Dave1]

Currently, when we reached $21,500, the market suddenly goes down, and most probably this could be the reason,Owner of Bitzlato - Charged with Unlicensed Money Transmitting by US DoJ.

Probably others might not agree if this negative news affect the market today or it just a bull trap.

In any case, we are above the big barrier of $20k, and it seems that the support along the line might be strong for the now.

[uneng]

Then investors should continue putting more pressure on the whales, so they will burn their holdings to manipulate the price downside, while smaller investors grab their coins and hold. It would be great to break the whales' wall, what could be achieved by increasing optimism among potential investors, especially new adopters. I don't know if it's possible to do this right now, because there are lots of bad news about crypto market still in the air, but a movement of this kind is trying to rise up for this entire week. I have no doubts about it. What is missing at this moment is a strategy to potentialize this sentiment.

[ethereumhunter]

Let it go if it is a bull trap because we are also used to it. And if it is a bull trap and sends the price crashing again, we get another good opportunity to buy bitcoin at low prices. Right now, the bitcoin price is back at $20k and we can wait a bit to see what happens next. Will it drop back down to the $19k level or will the bitcoin price be reversed? You better prepare yourself for whatever will happen later.

But if the bitcoin price increases again after experiencing this correction, it means that bitcoin is again gaining support to increase its price and the price may get a pump to a higher price.

[bounceback]

-snip-
It could be because the next year halving, but it seems too early. If the trend continues, Bitcoin price will break ATH later this year so it does not make sense IMO. Therefore, I don't think the pump can be sustained for too long and the price will soon drop to the ~$19k range and then the ~$17k range again soon. But who knows...

What do you think?

It looks like the uptrend is not going to continue because if we look at the market movement today the bitcoin price has dropped back below $21k after a few days of rising in a row but if bitcoin can hold the $20k area firmly at this stage then there is a chance that the bitcoin price could crawl going back to $21k might even pass that price but to get there i think bitcoin is going to struggle because we're not in a bull market yet.