Bitcoin (BTC) may exist battling for $fifty,000, but its latest move could show to exist the "ultimate" tool to make bears pay.

In a tweet on Oct. 5, popular trader and annotator Rekt Capital described the most recent BTC toll activity as the "ultimate bear trap."

Analyst predicts more suffering for Bitcoin bears

Afterward reaching $50,000 for the starting time time in a month and going on to hitting highs of $50,400, Bitcoin is once more the source of intense debate among marketplace participants.

Whether BTC/USD can hold $fifty,000 — and how far it could fall if not — is the topic of the day as volatility continues.

For Rekt Capital letter, even so, it is longer timeframes that are worth paying more attention to. Specifically, the weekly nautical chart for the pair has formed a head and shoulders pattern — something which traditionally hints at fresh downside to come.

This time, based on the virtually recent forcefulness, is probable different.

"Looks like that Weekly Caput and Shoulders was the ultimate Bear Trap," he summarized to Twitter followers.

BTC/USD 1-calendar week candle nautical chart (Bitstamp). Source: TradingView

Bullishness pervades sentiment

Should Bitcoin continue to climb out of its multi-week toll range, the next major resistance levels prevarication 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 toll to hit in half-dozen months or later.

Sentiment, which just last week was in "extreme fear," flipped back to "greed" equally $50,000 returned, according to the Crypto Fright & Greed Index.

Crypto Fright & Greed Index as of Oct. v. Source: Culling.me

For altcoins, which take slowed despite Bitcoin'southward rise, pain may come first before a renaissance subsequently on.

"ALT/USDT pairs looks good. ALT/BTC pairs looks rough," trader Scott Melker warned Tuesday.

"Usually means BTC is about to become up, dragging the ALT/USDT pairs up a bit, simply crushing them against BTC. Ameliorate off in BTC as a trader at those times. By no means certain, but likely scenario."