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

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


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

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin “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.

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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.

“Great bounce from $54K. Highly doubt we’ll see a

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