The thing about bull traps is that they are ultimately bearish in nature. So, while the Bitcoin price seems to be in an uptrend, if Xanrox is right, then it means that the cryptocurrency will be seeing a downturn soon, and that will trigger a price crash.
However, despite the expected retracement, the overall trend for the Bitcoin price remains bullish with the Elliot Wave Theory. If Wave 2 plays out completely, then Wave 3 is expected to begin, which is usually an even more bullish move compared to Wave 1, and could put BTC on the path to new all-time highs.
