$50K Bitcoin is ‘ultimate bear trap,’ says analyst as BTC price struggles for key level
Bears betting on a fresh Bitcoin price capitulation may get definitively burned this time, argues Rekt Capital.
Bitcoin (BTC) may be battling for $50,000, but its latest move could prove to be the “ultimate” tool to make bears pay.
In a tweet on Oct. 5, popular trader and analyst Rekt Capital described the most recent BTC price action as the “ultimate bear trap.”
After reaching $50,000 for the first time in a month and going on to hit highs of $50,400, Bitcoin is once again the source of intense debate among market participants.
Looks like that Weekly Head and Shoulders was the ultimate Bear Trap,” he summarized to Twitter followers.
Should Bitcoin continue to climb out of its multi-week price range, the next major resistance levels lie closer to current all-time highs.
As Cointelegraph reported, the outlook for both the rest of Q4 this year and 2022 is bullish for many, with expectations calling for a peak BTC price to hit in six months or later.
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