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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 may show to be the “final” device to make bears pay.

In a tweet on Oct. 5, well-liked dealer and analyst Rekt Capital described the newest BTC worth motion because the “final bear lure.”

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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 contributors.

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

For Rekt Capital, nonetheless, it’s longer timeframes which are price paying extra consideration to. Particularly, the weekly chart for the pair has fashioned a head and shoulders sample — one thing which historically hints at contemporary draw back to return.

This time, primarily based on the newest energy, is probably going completely different.

“Appears like that Weekly Head and Shoulders was the final 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 worth vary, the subsequent main resistance ranges lie nearer to present all-time highs.

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

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

Crypto Concern & Greed Index as of Oct. 5. Supply: Various.me

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

“ALT/USDT pairs appears good. ALT/BTC pairs appears 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 in opposition to BTC. Higher off in BTC as a dealer at these instances. Certainly not sure, however probably state of affairs.”