Analysis: Bitcoin could be falling into a bull trap

Amid heightened geopolitical tensions in the Middle East, an analysis has emerged that suggests that Bitcoin may be falling into a bull trap. According to Cointelegraph, CryptoQuant Analyst Axel Adler Jr. claimed that the recent rise of Bitcoin from $105,000 to $110,000 is showing a similar pattern to the rebound from $91,700 to $102,700 in January. On that basis, he feels that if this pattern plays out in the same way, Bitcoin could fall to $100,000 again.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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