$ 50,000 Bitcoin Is The Ultimate Bear Trap, Analyst Says As BTC Price Fights For Key Level

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Bitcoin (BTC) may be fighting for $ 50,000, but its latest move could prove to be the ultimate tool to make bears pay.

In an October 5 tweet, popular trader and analyst Rekt Capital described the most recent BTC price action as the ultimate bear trap.

Analyst predicts more suffering for Bitcoin bears

After hitting $ 50,000 for the first time in a month and hitting highs of $ 50,400, Bitcoin is once again the source of intense debate among market participants.

The fact that BTC / USD may hold $ 50,000 and how low it could drop is the topic of the day as volatility continues.

For Rekt Capital, however, it is the longer lead times that deserve more attention. Specifically, the pair’s weekly chart has formed a head and shoulders pattern, traditionally hinting at a further decline to come.

This time, based on the most recent strength, is probably different.

Looks like Weekly Head and Shoulders was the ultimate bear trap, he summed up to Twitter followers.

1 week BTC / USD candle chart (Bitstamp). Source: TradingView Bullish trend permeates sentiment

If Bitcoin continues to move out of its price range over several weeks, the next major resistance levels will move closer to current all-time highs.

As Cointelegraph reported, the outlook for the remainder of the fourth quarter of this year and 2022 is bullish for many, with expectations calling for a peak in the price of BTC in six months or later.

Now is the perfect time to sell Bitcoin if you want to buy it back for more!

Ryan Cantering Clark (@CanteringClark) October 4, 2021

The sentiment, which last week was in extreme fear, returned to greed as $ 50,000 returned, according to the Crypto Fear & Greed Index.

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

For altcoins, which have slowed despite the rise in Bitcoins, the pain may come first before a rebirth later.

ALT / USDT pairs look good. ALT / BTC pairs look rough, trader Scott Melker warned Tuesday.

Usually this means that BTC is about to rise, dragging the ALT / USDT pairs down a bit, but crushing them against BTC. Better in BTC as a trader at these times. Scenario far from certain, but probable.

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