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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 “ultimate” instrument to make bears pay.

In a tweet on Oct. 5, widespread dealer and analyst Rekt Capital described the latest BTC price motion as the “ultimate bear trap.”

Analyst predicts extra struggling for Bitcoin bears

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

Whether 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 is longer timeframes which might be value paying extra consideration to. Specifically, the weekly chart for the pair has fashioned a head and shoulders sample — one thing which historically hints at recent draw back to come back.

This time, based mostly on the latest power, is seemingly completely different.

“Looks like that Weekly Head and Shoulders was the ultimate Bear Trap,” he summarized to Twitter followers.

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

Bullishness pervades sentiment

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

As Cointelegraph reported, the outlook for each the remainder of This fall this 12 months 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 “extreme fear,” flipped again to “greed” as $50,000 returned, based on the Crypto Fear & Greed Index.

Crypto Fear & Greed Index as of Oct. 5. Source: Alternative.me

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

“ALT/USDT pairs looks good. ALT/BTC pairs looks rough,” dealer Scott Melker warned Tuesday.

“Usually means BTC is about to go up, dragging the ALT/USDT pairs up a bit, but crushing them against BTC. Better off in BTC as a trader at those times. By no means certain, but likely scenario.”