Feb 4, 2025
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Bitcoin Price Crash to $91,000 Labeled Major Bear Trap as Market Recovers
Crypto analyst Merlijn characterized the recent Bitcoin price drop to $91,000 as a significant bear trap, noting that optimism is returning to the market. The price has since rebounded above $100,000 after a weekend sell-off triggered by geopolitical concerns.
Key Points
- Bitcoin's crash to $91,000 was linked to tariffs announced by Donald Trump, which raised trade war fears.
- Merlijn claimed this event mirrors previous bear traps in the 2017 and 2021 bull runs.
- The price rebounded to $100,000 after a one-month pause on tariffs was agreed upon by the US, Mexico, and Canada.
- Analysts suggest the bull cycle is still active, with potential price targets of $103,000 and $117,000 if support levels hold.
- Current Bitcoin price is around $99,500, reflecting over a 5% increase in the last 24 hours.
Analysts warn investors about the volatility and emphasize caution in positioning for potential market movements.
