The crypto market started the new year with a surge that not many saw coming. Bitcoin and Ether reached and breached some pretty impressive critical support levels. Excitement has washed over the crypto community as traders and investors rush to make the most out of the bullish action.
We Are in the Disbelief Phase
Some rejoice at the prolonged bear market finally coming to an end, however, many seem to be wary of the spike and seem to liken it to a bull trap. Several market experts have warned that the bear market is not yet over, making it clear that we’re now in what is known as the “Disbelief phase”.
At the time of writing this article, BTC is hovering around $22,650, having been up by nearly 10% in the previous seven days. At some point, the king coin even breached the $23k mark a few times and seems to have currently found support at $22,600.
As for Ether, it started out with a massive spike like Bitcoin’s. However, at the time of writing, it is currently in the red. Notably, the world’s largest altcoin has managed to maintain its spot at the $1,500 resistance level and is only down by 1.6% in the past week.
Despite the overall decent gains from the entire market, with the global crypto market cap going over $1 trillion for the first time in what feels like quite a long time, market experts like Toni Ghinea seem to think the rises are nothing but a bull trap.
Ghinea is still predicting a $600 Ether and BTC will fall back to $11k. According to the analyst, the bears will “wake up from hibernation” in March. On the other hand, popular analyst Michael van de Poppe believes that Ether will see an even more massive breakout towards the middle of the year.
He has said that:
“Some slow grind upwards and then one more sweep in the coming days and the correction should be over and we’ll continue the party.”
According to van de Poppe, Bitcoin could rally up to $35,000 and altcoins will spike up too. He did say, however, that the end of the year might be a bit hard, but he believes the market will quickly bounce back from it.