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Is the Recent Rise in Bitcoin (BTC) and Altcoins a Bull Trap? Analysis Company Revealed and Shared Their Expectations!
The US and China tariff tension continues. As the two countries consecutively announce their moves, Bitcoin and altcoins have been the assets most affected by this war.
Yesterday, following Donald Trump's announcement to suspend tariffs for most countries, BTC and the market rose.
However, the Singapore-based trading firm QCP Capital warned about the recent recovery in Bitcoin and cryptocurrency prices.
QCP analysts argued that the retaliation race between China and the US could turn into a classic bull trap.
QCP stated that it is not a time for relaxation, but a time to prepare for China's next move, suggesting that the rise in BTC and altcoins could be a bull trap.
While warning about the QCP bull trap, Sina, the founding partner of the asset management company 21st Capital, said, "The devaluation of China's currency, the Yuan, is not just an economic signal but a trigger."
"Historically, when the yuan weakens, capital does not stay in place. It flees. Some of it flows into gold, some into foreign assets, and a significant portion enters Bitcoin."