"This Current Bitcoin Rally Is A Classic Trap" | Gareth Soloway

"This Current Bitcoin Rally Is A Classic Trap" | Gareth Soloway

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At the time of writing, Bitcoin is trading for $24,424.71, up 12.1% in the past 7 days. Bitcoin’s current recovery is notable after the total crypto market capitalization was rejected at $1.13 trillion on Feb. 16, but there was no change in the month-long ascending channel structure. Some analyst expects a continued move higher that could see bitcoin more than double in value in the coming months. William Noble, director of research at Emerging Assets Group and former analyst at Goldman Sachs and Morgan Stanley, told CoinDesk;

"Bitcoin is breaking out from a long basing formation. There is a saying, the bigger the base, the higher into space."
"Bitcoin may move from consolidation to another parabolic move back to $56,000."

Noble correctly predicted the cryptocurrency's late 2020 surge from $20,000 to $40,000. However, trader Gareth Soloway doesn’t believe Bitcoin is out of the bear market just yet. In an interview with Crypto Crew University, Soloway stated that he believes the level everyone should look at is $30,000. Once Bitcoin gets past $30,000, then we can look at a true rally. Until then, this current rally is just a blip on the chart if we zoom out and we shouldn't be surprised if we see more downside.
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