Bitcoin price surge: Breakthrough or bull trap? Pundits weigh in
Bitcoin nearly broke its record for the longest streak of daily green price candles this month, but many believe its recent surge could be short-lived. While Bitcoin (BTC) has experienced a strong price pump to kick off the new year, many industry pundits are not convinced the cryptocurrency will continue its upward trajectory — at least in the short to mid-term. The impressive price surge — which saw BTC experience 14 days of consecutive price increases earlier this month — has called on many to consider whether the surge marks a significant “breakthrough” or is indicative of a “bull trap.” Speaking to Cointelegraph on Jan. 23, James Edwards — a cryptocurrency analyst at Australian-based fintech firm Finder — said the argument for a “bull trap” is stronger, warning the recent surge could be “short-lived.” He stated that while the BTC price moved upwards over the weekend, the NASDAQ Composite and the S&P 500 also made similar rallies: “This suggests to me that the rally in crypto...