Crypto Capital Manager: Ethereum and Bitcoin Selloff Was A “Bear Trap”

Was the recent crypto crash bound to happen? Or was it engineered? Is the bull market over for good? Or is the market gaining momentum, preparing for big movements? Your guess is as good as ours, but Moonrock Capital’s Simon Dedic is of the opinion that weak hands got their foot caught in a bear trap. Once again, they fell for a rich man’s trick.

Before we explore the case further, let’s make sure we’re on the same page by consulting Investopedia’s description of what happens in a bear trap:

To increase demand and get stock prices to rise, institutions might push prices lower so that the markets look bearish. This causes novice investors to sell stock. Once the stock drops, investors jump back into the market, and the stock prices rise with the increase in demand.

And let’s read exactly what Dedic said:

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So, were the sellers played?  Let’s find out.

Related Reading | The Level Bitcoin Bulls Must Reclaim To Defend The Worst Monthly Selloff Ever

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Where were we before this possible bear trap?

A mere month ago, Bitcoin was going through a long consolidation period and Ethereum was booming. The “flippening” narrative returned and all eyes were on the upcoming hard fork “London,” which will make ETH a deflationary asset.  Then, the crypto crash happened. And of course, NewsBTC reported it:

A week ago, Ethereum was riding high after hitting a new all-time high of $4.4k. Since then, ETH has been caught in a downtrend, with things getting much worse due to the crypto crash.
At one point, at the height of the panic selling, the price of Ethereum dipped as low as $1.9k before wicking back up. That’s a 57% loss from its all-time high.

The situation doesn’t look as hopeless at the moment. Ethereum is on an uptrend and each coin costs $2.813 at the time of writing. 

ETHUSD price chart for 05/26/2021 - TradingView

ETHUSD price chart for 05/26/2021 - TradingView

ETH price chart on Kraken | Source: ETH/USD on

Where are Ethereum and Bitcoin right this minute?

The market looks healthy, even if it took a beating over the weekend. Both cryptocurrencies are slowly gaining traction, at comparable speed. The ride feels stable now, and we all know what that means… surprises ahead. Coindesk has Steven McClurg, CIO at Valkyrie Investments, predicting exactly what these surprises might be:

“Due to the law of large numbers, it takes many more users today than it did a year ago to increase activity on the bitcoin network to the point it drives the price higher,” said McClurg.  “ETH is getting traction due to ETH 2.0 and those staking their assets to the network in anticipation of proof-of-stake, taking out supply as demand comes in.”

Is he right? So far, stats and charts don’t show it. In fact, the trends are at the exact same level as when our sister site Bitcoinist called off the flippening:

Ethereum has still around 40% of Bitcoin’s market cap. And the percentage is exactly the same if we compare the active nodes. It already surpassed BTC in everything that has to do with transactions, from quantity to fees generated. And ETH is not even close in Google search interest and active addresses.

Related Reading | TA: Ethereum Faces Hurdles, Here’s What Could Trigger Strong Recovery

For a closer look at the stats, check here.

Bear Trap, The Flippening chart - Blockchain Center

Bear Trap, The Flippening chart - Blockchain Center

The Flippening, Market Cap chart | Source: Blockchain Center

Did we fall into a bear trap, then?

If we did, we’re still in there. So, we don’t yet have the necessary perspective to make a call. Certain indicators point that way, though. For example, this crypto enthusiast seems to have identified a historical pattern:

And this whale is undecided but hopeful:

In any case, bear traps only catch amateurs. This has nothing to do with a diamond-handed person such as yourself. Still, it’s nice to know where we’re standing. Or, at least, to theorize about it.

So, $BTC to 100K and $ETH to 9K? Definitvely possible for us.

Featured Image by Kaylyn Mok on Unsplash - Charts by TradingView


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Capital Manager: Ethereum Will Double In Two Weeks Once ATH Is Broken

Ethereum beat even Bitcoin in terms of overall gains in 2020, but the altcoin still hasn’t broken its former all-time high, while Bitcoin has since left its record far behind.

However, according to one crypto capital manager, as soon as Ethereum does take out its former peak, the altcoin will “double” within “two weeks.” Here’s what that might look like if the top-ranked altcoin follows in the footsteps of the top-ranked cryptocurrency overall.

Ethereum Bulls Salivate Over Record-Breaking Surge, But ATH Has Yet To Be Touched

In 2017, both Bitcoin and Ethereum enjoyed a thunderous rise together, capturing the lion’s share of the cryptocurrency market capital.

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Bitcoin as the top asset and first mover carried the industry on its back, while Ethereum acted as the foundation for which the future of the industry was being built.

Related Reading | Entrepreneur Calls Ethereum Silver To Bitcoin As Digital Gold, Not Litecoin

Many of the first projects born at that time, were useless, since abandoned, or outright scams. But those that survived the freezing crypto winter and thaw, are now heating up again also.

DeFi projects built on Ethereum are once again showing the value the altcoin and its underlying network have, but thus far, momentum hasn’t pushed the asset to a new all-time high like it has Bitcoin.

But that won’t last for long, according to Moonrock Capital Managing Partner Simon Dedic. Dedic claims that like Bitcoin, as soon as bulls manage to breach the former high set at $1,400, the cryptocurrency will “double” in less than “two weeks” to over $3,000.

ethereum bitcoin comparison

ethereum bitcoin comparison

Here's what Ethereum doubling in price in two weeks would look like | Source: ETHUSD on

Here’s Ether’s Path To Doubled Prices In Less Than Two Weeks

A move of that size might sound implausible after the asset has spent three full years trading below the former high, but the FOMO that arrived once Bitcoin bypassed its former peak is the only example necessary. Options contracts on the altcoin reaching over $10,000 at the end of 2021 also bode well for the trending asset.

The chart above shows what such a breakout might look like, with Ethereum surging past its former peak and doubling to around $3,000 in a flash. Bitcoin price action placed behind ETHUSD could provide clues to the trajectory the altcoin could take.

Related Reading | Ethereum Options Contract Hints At The Altcoin Closing 2021 Over $10K

Failure to break past the asset’s former all-time high here, could be disastrous, and it would allow Bitcoin dominance to continue to favor BTC over alts for the foreseeable future.

And because so many altcoins are built on Ethereum, all eyes are on the top altcoin to see if it can carry the rest of the asset class back to former all-time highs, or if they continue to live under Bitcoin’s reign.

Featured image from Deposit Photos, Charts from


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Bitcoin (BTC) $ 26,910.21 4.36%
Ethereum (ETH) $ 1,880.48 3.52%
Litecoin (LTC) $ 90.91 3.58%
Bitcoin Cash (BCH) $ 113.76 3.88%