Bitcoin Analyst Strongly Doubts Return To $ 50,000 – Will Weekly Close Trigger A Correction?


Bitcoin (BTC) challenged brand new support levels on October 14th after the market surged above $ 58,000 overnight

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

Bitcoin “dips” to nearly $ 57,000

Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD as it reversed towards $ 57,000 after hitting highs of $ 58,540 on Bitstamp.

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The moves first mimicked when Bitcoin attacked $ 58,000 in February – several attempts punctuated by consolidation, followed by a run to the all-time highs in April.

However, despite on-chain indicators showing that Bitcoin is a different beast in the fourth quarter, the mood was just as optimistic this time around.

“Bitcoin will most likely only continue this grind towards all-time highs,” wrote Michaël van de Poppe, Cointelegraph contributor, in his latest Twitter update.

“Great rebound from $ 54,000. We very much doubt we’ll see a retest at $ 50,000.”

Cementing $ 50,000 in support – albeit for the second time in 2021 – would send a clear signal to market performance as experts prepare for what is likely to be an explosive end of the year.

However, there was potential cause for concern for trader and analyst Rekt Capital this week. On zooming out, BTC / USD failed to close a weekly candle above $ 60,000 and repeated performance could also mean a copycat correction

This leaves the bulls with until Sunday to crack a historical watermark, which could be helpful on Monday before the approval decision for a futures-based exchange-traded fund (ETF) is made.

Polkadot Breakout Headlines Altcoin Return

Altcoins, meanwhile, saw a brief rebound from weakness in the face of the “Bitcoin Season”.

Related: Price analysis 10/13: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI

The exception was Polkadot (DOT), which was up 28% in a week when news broke that its auctions would finally start next month – a key original feature that was five years in development.

DOT / USD 1-hour Kraken candlestick chart. Source: TradingView

The largest altcoin, Ether (ETH), posted daily gains of 5.3%, with all top ten cryptocurrencies by market capitalization trading higher that day as Bitcoin slowed.