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$50K Bitcoin is ‘ultimate bear trap,’ says analyst as BTC price struggles for key level

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Bitcoin (BTC) could also be battling for $50,000, however its newest transfer might show to be the “final” software to make bears pay.

In a tweet on Oct. 5, in style dealer and analyst Rekt Capital described the newest BTC price motion as the “final bear lure.”

Analyst predicts extra struggling for Bitcoin bears

After reaching $50,000 for the primary time in a month and happening to hit highs of $50,400, Bitcoin is as soon as once more the supply of intense debate amongst market individuals.

Whether or not BTC/USD can maintain $50,000 — and the way far it might fall if not — is the subject of the day as volatility continues.

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For Rekt Capital, nonetheless, it is longer timeframes which can be value paying extra consideration to. Particularly, the weekly chart for the pair has fashioned a head and shoulders sample — one thing which historically hints at recent draw back to return.

This time, primarily based on the newest energy, is seemingly totally different.

“Seems to be like that Weekly Head and Shoulders was the last word Bear Lure,” he summarized to Twitter followers.

BTC/USD 1-week candle chart (Bitstamp). Supply: TradingView

Bullishness pervades sentiment

Ought to Bitcoin proceed to climb out of its multi-week price vary, the subsequent main resistance ranges lie nearer to present all-time highs.

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As Cointelegraph reported, the outlook for each the remainder of This fall this yr and 2022 is bullish for many, with expectations calling for a peak BTC price to hit in six months or later.

Sentiment, which simply final week was in “excessive concern,” flipped again to “greed” as $50,000 returned, based on the Crypto Worry & Greed Index.

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Crypto Worry & Greed Index as of Oct. 5. Supply: Different.me

For altcoins, which have slowed regardless of Bitcoin’s rise, ache could come first earlier than a renaissance afterward.

“ALT/USDT pairs appears to be like good. ALT/BTC pairs appears to be like tough,” dealer Scott Melker warned Tuesday.

“Often means BTC is about to go up, dragging the ALT/USDT pairs up a bit, however crushing them towards BTC. Higher off in BTC as a dealer at these occasions. Certainly not sure, however seemingly situation.”