Bitcoin And Crypto Market Warning Released For Euphoric Traders
The crypto market saw a boost these days, with Bitcoin’s price going over $12k once again.
At the moment of writing this article, Bitcoin is trading in the green, and the king coin is priced at $12,793.14.
Bitcoin’s price got a boost following an announcement coming from PayPal:
Today, we are announcing the launch of a new service that will enable customers to buy, hold and sell #Cryptocurrency directly from their PayPal account. https://t.co/QS6JRmG9hs pic.twitter.com/uHBatfZkbF
— PayPal (@PayPal) October 21, 2020
PayPal continued and told followers, “The service will be available to PayPal account holders in the U.S. in the coming weeks and initially feature #Bitcoin, #Ethereum, #BitcoinCash, and #Litecoin directly within the PayPal digital wallet.”
New Bitcoin and crypto warning released
Now, it’s been revealed that top crypto strategist and trader Michaël van de Poppe released a warning for bullish crypto fans that Bitcoin and the whole crypto market are not yet ready for a massive breakout.
He said that he believes Bitcoin’s recent ascent above $12,000 is most likely a bull trap.
“The $12,000 area is a crucial barrier we have to break through in order to continue this upwards movement. However, I’m not convinced we are going to do that at this point yet, given that we are approaching the resistance area, which is between $11,900 and $12,500 through no volume. So this whole upwards move actually fueled by people that are selling their altcoins to jump on the BTC bandwagon.”
He also believes that BTC will continue to consolidate:
“I’m expecting a rejection between the area of $11,800 to $12,050. Afterwhich, we rejected $11,800 and got some further downwards momentum going through which we can see some more range-bound movements. Are we going down further? I’m not sure, but I think we should be able to test the $10,600 area.”
He also talked about Ethereum and said that the digital asset is not yet “out of the woods,” as the online publication the Daily Hodl puts it.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.