News View Non-AMP

Bitcoin Bull Trap: BTC Price Still At Risk of Dropping 20% in Coming Days

Published by
Anjali Belgaumkar

On Crypto Banter’s channel, analyst Kyledoops recently talked about Bitcoin’s crucial position below $60,000 and the importance of the $58,000 to $60,000 range. He warned viewers about a possible trap in the market and shared tips to avoid it. He noticed a bit of relief in the market, with many top coins bouncing back on hourly and daily charts. Altcoins were doing better than Bitcoin, with some even making big gains.

“Where are we within the cycle? We’ve spoken a lot about the diminishing volume which tends to happen in a corrective phase. Now, I give a slight edge to the Bulls just to give you full disclosure over there. I am very, very, very cautiously on a fine line on thin ice bullish, right? But that ice is cracking and we’re about to fall through,” he said.

However, the bullish edge was hanging by a thread, with the potential for a major bear trap if Bitcoin closes above $60,000. The Analyst highlighted the significance of the 21 exponential moving average on the weekly timeframe and cautioned against losing it as it could signal a deviation back into the old trading range. Despite hitting those levels, there was historical precedence for a rebound, especially between the 100 and 150-day moving averages within the bull market.

Also Check Out : Why This Is the Best Time To Buy Bitcoin?

While there might be short-term spikes, the overall trend remains bullish, though correction phases can last up to 8 to 12 weeks with drawdowns of 20 to 40%. Bitcoin has seen a 23% drop, with a potential further decline to around $44,000. However, any such move is expected to be brief, with a swift rebound anticipated.

The analyst added, “If the weekly candle starts to close above $60,000, well, you can see very quickly how a major bear trap would have unfolded over there. So currently we’re putting in a little bit of a wick.”

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Recent Posts

Tornado Cash vs OFAC Update: Court Prohibits Department of Treasury from Reinstating the Original Sanctions

The Tornado Cash victory against OFAC is a major milestone for the web3 and DeFi…

April 29, 2025

Breaking: Arizona Passes Strategic Bitcoin Reserve Bill in the House and Senate

The push for the Arizona Governor, Katie Hobbs, to sign the SBR has already begun. …

April 29, 2025

Cardano Price Forecast: Here is What Historical Data Reveals

Several technical indicators suggest the YTD correction for ADA price has already hit the bottom.…

April 29, 2025

XRP Price Prediction 2025: XRP Price Testing Key Range, Breakout Could Reach New ATH at $10

XRP price is referred to as a sleeping giant, as the crypto has demonstrated some…

April 29, 2025

Chainlink Price Analysis: $10 or $19 Next for LINK?

Chainlink price failed to breach a crucial resistance level above $15 in the recent mild…

April 28, 2025

Dogecoin Price Prediction 2025, 2026 – 2030: Will DOGE Price Hit $1?

Story Highlights The price of Dogecoin today is . Dogecoin price may reach a maximum…

April 28, 2025