Former JP Morgan Chase trader Tone Vays: Bitcoin's recent price spike is just a bull market trap

Former JP Morgan Chase trader Tone Vays said that the recent surge in bitcoin prices is only a bull market trap. He believes that if Bitcoin falls below the support level of $4,950, it will enter a difficult period. Vays believes that the $5,200 mark is the next major obstacle to overcome. If Bitcoin can reach $5,200, it will be more bullish. In addition, Vays believes that the possibility of large-scale whale purchases leading to a bull market is very small. The two-day action is not enough to be considered "bullish." If this is the case with "whale purchases", Bitcoin will not be able to maintain this level for a long time.