Bitcoin analyst ‘strongly doubts’ return to $ 50,000 – will weekly close trigger a correction?

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

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

Bitcoin ‘plunges’ to nearly $ 57,000

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

The moves mimicked the first time Bitcoin attacked $ 58,000 in February – several interspersed attempts at consolidation, ultimately followed by a run to historic highs in April.

Despite chain indicators showing Bitcoin to be a different beast in Q4, the mood was just as bullish this time around.

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“Bitcoin is just continuing this race to historic highs,” said Michaël van de Poppe, contributor to TBEN. wrote in his latest Twitter update.

“Big bounce from $ 54,000. I highly doubt we’ll see a new test at $ 50,000 occur.”

Cementing $ 50,000 as support – albeit for the second time in 2021 – would be a clear signal on the market’s trajectory as pundits brace for what they expect to be an explosive end of the year.

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

That leaves the bulls until Sunday to break a historic watermark, which can be further helped ahead of Monday’s approval decision on an exchange-traded fund (ETF) futures.

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Polkadot’s breakout makes headlines on the return of altcoin

Meanwhile, Altcoins have seen a brief respite from weakness from the “Bitcoin Season”.

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

The exception was Polkadot (DOT), up 28% in one week after announcing that its auction would finally begin next month – a key original feature in the works for five years.

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1 hour DOT / USD candle chart (Kraken). Source: TradingView

The largest altcoin Ether (ETH) generated daily gains of 5.3%, with the top ten cryptocurrencies by market cap trading higher on that day as Bitcoin slowed.