Bitcoin analyst ‘highly doubts’ return to $50K — Will the weekly close spark a correction?

Bitcoin (BTC), which was boosted overnight to $58,000, challenged new support levels on October 14.

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

Bitcoin plunges to $57,000

Data from TradingView and Cointelegraph Markets Pro tracked the BTC/USD’s decline to $57,000, after reaching highs of $58,540 via Bitstamp.

These moves were reminiscent of the February attack on Bitcoin that saw it reach $58,000. There were several consolidation attempts, then a run to April’s all-time highs.

On-chain indicators showed that Bitcoin was a different beast in Q4, but the mood was still bullish.

In his most recent Twitter update, Michael van de Poppe, a Cointelegraph contributor, wrote that Bitcoin is “most likely just continuing this grind toward the all-time highests.”

“Great bounce at $54K. We have high doubts that we will see a retest at 50K.

As pundits prepare for what they believe will be an explosive year, cementing $50,000 in support would send a clear signal about the market’s direction.

Rekt Capital, a trader and analyst, was concerned about this week’s performance. Zooming in, BTC/USD failed to close a weekly candle higher than $60,000 and a repeat performance could also spell trouble.

#BTC has successfully retested its Daily Bull Flag thus far But Bitcoin is still below major Weekly resistance (red) In fact, any sort of Weekly Close below $60000 has historically preceded a $BTC retrace from these highs#Crypto #Bitcoin pic.twitter.com/n9vFaaalVM
— Rekt Capital (@rektcapital) October 13, 2021

Bulls have until Sunday to break the historical watermark. This could still happen before Monday’s approval decision for a futures-based exchange traded fund.

Polkadot headlines altcoin return

Altcoins saw a brief respite from their weakness during “Bitcoin Season.”

Similar: Price analysis 10/13 – BTC, ETH and BNB, ADA. XRP. SOL. DOGE. DOT. LUNA. UNI.

Polkadot’s DOT was the exception, rising 28% in one week due to news that its auctions would begin next month. This is a key feature five years in development.

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

Ether (ETH), the largest altcoin, posted 5.3% daily gains. All cryptocurrencies with the highest market capitalization traded higher on the same day that Bitcoin slowed.

https://cointelegraph.com/news/bitcoin-analyst-highly-doubts-return-to-50k-will-the-weekly-close-spark-a-correction

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