Bitcoin Pumping Above $34K a ‘Manipulated Move,’ Says Top Crypto Trader – Here’s His Price Target
Bitcoin’s recent pump back above $34,000 has some of the crypto market’s most prominent traders crying foul. According to them, the latest BTC price action is nothing more than a bull trap designed to sucker in exuberant buyers before the next major leg down.
Veteran crypto trader Phoenix made waves this week after calling Bitcoin’s rally to $34,500 a “clearly manipulated move.” Phoenix maintains that Bitcoin remains in a firm bear market and will plunge as low as $12,000 in the coming months.
He finds an unlikely ally in fellow top trader Toni Ghinea, who also believes Bitcoin’s latest double-digit gains are merely a bull trap. “This is 100% a bull trap,” Ghinea tweeted, echoing Phoenix’s warnings about getting faked out by the pumping price action.
Both influential traders point to BTC’s sharply declining volumes and the weakness in altcoins as evidence that the rally is nothing more than a bear market bounce. They contend current prices are unsustainable and urge investors not to be lured into going long at such precarious levels.
Some speculate that Bitcoin’s price is being driven higher by rumors that the SEC may finally approve a Bitcoin ETF, allowing mainstream investors easier access. However, skeptics view this as a temporary factor that is unlikely to sustain BTC at current levels.
If Phoenix and Ghinea’s analysis proves correct, Bitcoin could be setting up for a precipitous drop. According to them, the smart move is avoiding long positions and waiting patiently for a retest of the bottom to open bigger short positions.
Of course, some analysts think the traders are being far too pessimistic about Bitcoin’s outlook. Only time will tell whether the latest pump turns out to be a bull trap or the start of a sustained recovery. But for now, skepticism appears to be the name of the game among many of crypto’s most accurate market readers.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
