Crypto Capital Manager: Ethereum and Bitcoin Selloff were a 'Bear Trap'

Could the last crypto crash happen? Or was it designed? Is the bull market over for good? Or is the market gaining momentum and preparing for big moves? Your guess is as good as ours, but Simon Dedic of Moonrock Capital believes weak hands fall into a bear trap. Once again they fell into the trap of a rich man. Before looking further into this, make sure we're on the same page by reviewing Investopedia's explanation of what's going on in the bear trap: to increase demand and raise stock prices, institutions can lower prices to show the markets down. . . This encourages novice investors to sell stocks. When stock falls, investors return to the market, and stock prices rise as demand increases. And let's read exactly what Dedic said: I tend to think this is just a big bear trap. Up to $ 100,000 BTC and up to $ 9,000 ETH are still possible for me. – Simon Dedic (@scoinaldo) May 25, 2021 So, did the sellers gamble? Let's find out. Related reading | Where were we before this potential bear trap? Just a month ago, Bitcoin went through a long period of consolidation and Ethereum thrived. The "comeback" story is back and all eyes are on the next "London" hard fork that will turn ETH into a deflationary entity. Then there was the crypto crash. And certainly according to NewsBTC's report: A week ago, Ethereum was rising after reaching its all-time high of $ 4.4K. Since then, things have gotten worse due to ETH, the crypto crash. At one point, at the height of the panic sale, Ethereum's price dropped to $ 1.9,000 before rising again. This is a 57% loss from its all-time high. The situation does not seem hopeless right now. Ethereum is in an upward trend with the price of each cryptocurrency rising to $ 2,813 at the time of writing. ETH price chart on Kraken | Source: ETH / USD in Trade

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