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An analyst ‘highly doubts’ that the price of Bitcoin will return to $ 50,000

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On October 14, Bitcoin (BTC) tested newly formed support levels after an overnight rally pushed the price above $ 58,000.

BTC / USD hourly chart (Bitstamp)
BTC / USD (Bitstamp) hourly chart. Source: TradingView

Bitcoin “drops” to almost $ 57,000

Data from Cointelegraph Markets Pro and TradingView show that BTC / USD slid towards $ 57,000 after hitting a new local high of $ 58,540 on Bitstamp.

The move looks similar to the first time Bitcoin hit $ 58,000 in February, several attempts separated by consolidations, eventually followed by a rally to all-time highs in April. While on-chain indicators show that Bitcoin is very different in Q4, the sentiment is mostly bullish again.

Bitcoin will most likely continue this climb to all-time highs,commented Cointelegraph collaborator Michaël van de Poppe in his new Twitter update.

“Great rebound from $ 54,000. I highly doubt we will see a $ 50,000 retest. “

Confirming $ 50,000 as support, albeit for the second time in 2021, would be a clear signal on the market’s trajectory as commentators prepare for an explosive end of the year.

According to the trader and analyst Rekt Capital, however, this week there is a potential cause for concern. Widening the view, BTC / USD has never managed to close a weekly candle above the $ 60,000 level, and a rerun could lead to a new correction:

“BTC has tested its bull flag on the daily chart again, but it still remains below the large weekly resistance (red). In fact, historically the weekly closes below $ 60,000 preceded a correction of BTC from these highs. “

Thus, the bulls have until Sunday to reach a historic milestone, before Monday’s decision to approve a futures-based exchange-traded fund.

The Polkadot breakout drives the return of the altcoins

Altcoins, meanwhile, have partially recovered from their weakness in the face of the “Bitcoin season.”

The exception was Polkadot’s DOT, which gained 28% in one week thanks to news of the highly anticipated start of its auctions, a key function in the pipeline for five years.

DOT / USD hourly chart (Kraken)
DOT / USD (Kraken) hourly chart. Source: TradingView

Leading altcoin, Ether (ETH), posted an 11% daily gain, and all cryptocurrencies in the top 10 by market cap recovered as Bitcoin slows.

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