Bitcoin (Bitcoin) May be fighting for $50,000, but its latest move may prove to be the “ultimate” tool to make bears pay.
in a tweet On October 5th, popular trader and analyst Rekt Capital described the recent BTC price movement as the “ultimate bear market trap.”
Analysts predict Bitcoin bears will suffer more
Rear Reached 50,000 USD For the first time in a month and continue to hit a high of $50,400, Bitcoin has once again become a source of fierce debate among market participants.
As the volatility continues, whether BTC/USD can hold $50,000—and how far it will fall if not—is the topic of the day.
However, for Rekt Capital, what is more noteworthy is the longer time frame. Specifically, the weekly chart of the currency pair has formed a head and shoulders pattern-which traditionally suggests that a new downtrend is coming.
This time, depending on recent strengths, it may be different.
“It looks like the weekly head and shoulders is the ultimate bear trap,” he concluded to his Twitter fans.
Bullish sentiment permeated
If Bitcoin continues to climb out of its price range of several weeks, the next major resistance level will be close to the current all-time high.
As Cointelegraph Report, The rest of the fourth quarter of this year and the outlook for 2022 are bullish for many people, and BTC prices are expected to peak in six months or later.
If you want to buy back at a higher price, this is a good time to sell Bitcoin!
— Ryan Cantering Clark (@CanteringClark) October 4, 2021
The mood that was still in a state of “extreme fear” last week turned back to “greed” with the return of $50,000. Crypto Fear and Greed Index.
For altcoins that have slowed despite Bitcoin’s rise, pain It may appear before the later revival.
“The ALT/USDT pair looks good. The ALT/BTC pair looks rough,” trader Scott Melker warn Tuesday.
“Usually it means that BTC is about to rise. Pull the ALT/USDT pair higher, but put them on BTC. At that time, being a trader was better in BTC. It is by no means certain, but it is possible. “