When things get heated up a little bit people get excited that is it the next bull market. We seen bitcoin pumping more than 20% in 2 days and with good volume. No one exactly knows from where it came from and all experts have their own opinion about the situation. There is 50 50 mentality between people.
My view?
In my opinion it is just yet another bull trap. Every bull trap makes people excited and fearful that they will miss the next bull market. I don't think such a long bear market will end so easily with no any exciting news and not so much adoption. Volume that pumped the price was very high almost as in 2017. But how likely is it that we got such huge volume out of nowhere in one hour? $4200 was a resistance and many shorts got liquidated and there was no big resistance between the areas of 4200 and 5000 so this maybe the reason of sudden pump.
Now we must see how far can this momentum take the price of bitcoin. The faster it went up, it can come to same or even below level. We must see how much FOMO will be created to drive price up. Maybe it is a whale pump and dump, everything is likely.
What should we do?
In my case I will take some profit if price goes little more up. Because I want to profit in bitcoin, not in fiat it doesn't matter how market moves with respect to USD but what matters to me is how altcoins move with respect to bitcoin. I will just tether some bitcoin to increase bitcoin holding if it wents down. And even if it doesn't go down, I can still buy at $6000 which will be a safer bet to buy because at 6000 we can see an upward trend has formed. In case it went down I will profit in bitcoin. Only thing is minimizing risk. If bitcoin went to 4000 again, in my opinion it will dump more, a lot more.
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