Bitcoin price surge: Breakthrough or bull trap? Pundits weigh in
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While Bitcoin (BTC) has experienced a price pump to kick off the new year, many industry pundits are not convinced the cryptocurrency will continue its upward trajectory — at least in the short to mid-term.
The impressive price surge — which saw BTC experience 14 days of consecutive price increases earlier this month — has called on many to consider whether the surge marks a significant “breakthrough” or is indicative of a “bull trap."
Speaking to Cointelegraph on Jan. 23, James Edwards, a cryptocurrency analyst at Australian-based fintech firm Finder said the argument for a “bull trap” is stronger, warning the recent surge could be “short-lived.”
He stated that while the BTC price moved upwards over the weekend, the NASDAQ Composite and the S&P 500 also made similar rallies:
"This suggests to me that the rally in crypto is not unique, and instead part of a wider market uplift as inflation figures stall and a risk-on appetite appears to return to investments. So Bitcoin is just enjoying the effects of positive sentiment that originated elsewhere. This is likely to be short-lived.”
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