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

Bitcoin has never managed a weekly close above $60,000, and failing to do so again risks a reversal downhill, a new warning says.

Bitcoin (BTC) challenged brand-new support levels on Oct. 14 after overnight successes took the market past $58,000 

Bitcoin analyst 'highly doubts' return to $50K — Will the weekly close spark a correction?1BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin “dips” to near $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.

The moves mimicked the first time Bitcoin had attacked $58,000 in February — several attempts interspersed by consolidation, followed ultimately by a run to April’s all-time highs.

Despite on-chain indicators showing that Bitcoin is a different beast in Q4, however, the mood was just as bullish this time around.

“Bitcoin is most likely just continuing this grind towards the all-time highs,” Cointelegraph contributor Michaël van de Poppe wrote in his latest Twitter update.

Read more:  MetaMask surpasses 10M monthly active users as DeFi continues to surge

That leaves bulls until Sunday to crack a historical watermark, something which may still be helped before Monday’s approval decision on a futures-based exchange-traded fund (ETF).

Polkadot breakout headlines altcoin return

Altcoins meanwhile saw brief respite from weakness in the face of “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 a week on news that its auctions would finally begin next month — a key original feature five years in the making.

Bitcoin analyst 'highly doubts' return to $50K — Will the weekly close spark a correction?2DOT/USD 1-hour candle chart (Kraken). Source: TradingView

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

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