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Bitcoin Weekly Forecast: BTC forms a bull trap before crashing to $30,000
Bitcoin’s price is expected to rise to $40,000 in the short term.
This optimism might be a trap before BTC crashes to $30,000 or below.
A daily candlestick close over $52,000 will disprove the bearish thesis and may signal the start of an uptrend.
Over the last two days, the Bitcoin price has seen an uptick in purchasers, resulting in a fast run-up. This rally is expected to continue when BTC retests a key psychological threshold, drawing purchasers into a bull trap. Investors should be wary of a reversal that pushes the major cryptocurrency into a spiral.
Before the culling begins, the Bitcoin price entices bulls
Bitcoin’s price plummeted in January, settling at the weekly support level of $34,752. After a few retests of this barrier, BTC rebounded off and launched an uptrend, gaining 16% so far.
While this tiny rise has provided room and energy for cryptocurrencies to go off, it appears to be a trap designed by the bears to entice in uneducated purchasers before sending the asset down. This is known as a bull trap, and the formation of a bearish breaker should alert investors to the possibility of a fall.
