Bitcoin (BTC) may be battling for $ 50,000, but its latest move could prove to be the “ultimate” tool for getting the bears to pay.
In one tweet On October 5th, well-known trader and analyst Rekt Capital described the latest BTC price action as “the ultimate bear trap”.
Analyst predicts more suffering for bitcoin bears
After reaching $ 50,000 for the first time in a month and continuing to peak at $ 50,400, Bitcoin is once again the source of heated debate among market participants.
Whether BTC / USD can hold $ 50,000 – and how far it can fall, if not – is the topic of the day as volatility continues.
For Rekt Capital, however, a longer timeframe deserves more attention. In particular, a “head and shoulders” pattern has formed on the weekly chart for the pair, traditionally a sign of an impending new bearish move.
This time it might be different based on last strength.
“Looks like Weekly Head and Shoulders is the ultimate bear trap,” he summarized Twitter followers.
Optimism pervades the mind
If Bitcoin continues to rise out of its multi-week price range, the next major resistance levels will be close to the current all-time high.
As Cointelegraph reported, the outlook for both the remainder of the fourth quarter of this year and 2022 is bullish for many, with expectations calling for BTC to hit a peak in about six months.
This is a great time to sell Bitcoin if you want to buy it back at a higher price!
– Ryan Cantering Clark (@CanteringClark) October 4, 2021
According to the Crypto Fear & Greed Index, the mood only turned back to “greedy” last week when it returned $ 50,000 according to the Crypto Fear & Greed Index.
Altcoins, which have slowed despite the rise of Bitcoin, could face the pain of a later renaissance.
“ALT / USDT pairs look good. ALT / BTC pairs look raw, ”Trader Scott Melker warning Tuesday.
“Usually this means that BTC is about to go up, pulling the ALT / USDT pairs up a bit, but crushing them against BTC. At these times, it is better to trade BTC as a trader. By no means sure, but there is a possibility. “