Whereas Bitcoin (BTC) has skilled a powerful value pump to kick off the brand new 12 months, many business pundits should not satisfied the cryptocurrency will proceed its upward trajectory — a minimum of within the brief to mid-term.

The spectacular value surge — which noticed BTC expertise 14 days of consecutive value will increase earlier this month — has known as on many to contemplate whether or not the surge marks a major “breakthrough” or is indicative of a “bull lure.”

Chatting with Cointelegraph on Jan. 23, James Edwards, a cryptocurrency analyst at Australian-based fintech agency Finder stated the argument for a “bull lure” is stronger, warning the latest surge may very well be “short-lived.”

He acknowledged that whereas the BTC value moved upwards over the weekend, the NASDAQ Composite and the S&P 500 additionally made related rallies:

“This means to me that the rally in crypto will not be distinctive, and as a substitute a part of a wider market uplift as inflation figures stall and a risk-on urge for food seems to return to investments. So Bitcoin is simply having fun with the consequences of optimistic sentiment that originated elsewhere. That is more likely to be short-lived.”

Edwards added that cryptocurrency markets nonetheless have some “important hurdles to clear earlier than a brand new bull market can start.”

Amongst these obstacles, he talked about embody the continued fallout overFTX’s collapse and the latest Chapter 11 submitting by Genesis on Jan. 19.

“As such, we will see additional sell-offs and downsizing as crypto companies alter their stability sheets and dump tokens onto the market to cowl debt and attempt to keep afloat,” he defined.

In a press release to Cointelegraph, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone wasn’t assured within the BTC value trajectory both, citing recessionary-like macroeconomic circumstances as too large of a barrier for BTC to beat.

“With the world leaning into recession and most central banks tightening, I feel the macroeconomic ebbing tide remains to be the first headwind for Bitcoin and crypto costs.”

The sentiment was additionally shared amongst some on Crypto Twitter, with cryptocurrency analyst and swing dealer “Capo of Crypto” telling his 710,000 Twitter followers on Jan. 21 that BTC’s push previous resistance appears to be like like “the largest bull lure” he has ever seen:

I have been checking charts all this time, avoiding noise from Twitter. The best way the upward motion is going on, the way in which htf resistances are being examined… it clearly appears to be like manipulated, no actual demand.

As soon as once more, the largest bull lure I’ve ever seen. However they will not lure me.

— il Capo Of Crypto (@CryptoCapo_) January 21, 2023

Nevertheless, not all business pundits had been as bearish.

Cryptocurrency market evaluation platform IncomeSharks appeared bullish, having shared a “Wall St. Cheat Sheet” chart to its 379,300 Twitter followers on Jan. 22 making a mockery of the “Bears” who suppose the newest value actions are indicative of a “bull lure.”

#Bears on the Denial stage. “It is only a bull lure” “It is all manipulation”. Ready for the Panic half subsequent… pic.twitter.com/Lo6nWyZPD2

— IncomeSharks (@IncomeSharks) January 22, 2023

Sem Agterberg, the CEO and co-founder of AI-based buying and selling bot CryptoSea additionally lately shared a flood of posts expressing optimistic sentiment in the direction of BTC value motion to his 431,700 Twitter followers, suggesting {that a} “BULL FLAG BREAKOUT” in the direction of $25,000 could quickly be on the playing cards:

In the meantime, others have kept away from making a forecast on the value, probably given the unpredictability of crypto markets.

This is my technical evaluation of the place Bitcoin’s value goes. pic.twitter.com/cOFueErgGq

— Dan Held (@danheld) January 21, 2023

Bitcoin value consolidation opens the door for APE, MANA, AAVE and FIL to maneuver larger

Bitcoin (BTC) is at the moment priced at $22,738, whereas the Bitcoin Concern and Greed Index is at the moment at “Impartial” with a rating of fifty out of 100, accordingto Various.me.

The cryptocurrency managed to interrupt out of the “Concern” zone on Jan. 13 — which was then scored at 31 — after the BTC value elevated for seven consecutive days.