Bitcoin has been moving on a sideways trajectory after a decline from the $49,000 area. The first cryptocurrency by market seems to be displaying conviction, as the bears are unable to retake control of the current price action. Related Reading | Bitcoin Price Blasts Off With 10% Move, But Is This The Start Of More? At the time of writing, BTC trades north of $48,000, a critical support zone that could support a fresh jump into previous highs. Although in lower timeframes there has been some “crab like” action, higher timeframes still record important gains. Trader Justin Bennet believes the key of the next leg up will be unlock as Bitcoin moves back into the $50,000 to $53,000 area. If the bulls can break above those levels, BTC’s price should re-entered the $60,000 zone for the first time since May 2021. Otherwise, Bitcoin could still see some downside risk towards the middle area of its current levels at $45,000. Failure to sustain that support could see BTC return to the $40,700 area with danger of slipping further into the $36,500, as seen below. Unlike September, October has been historically a green month for BTC. Many traders are betting on this possibility. Therefore, the quick turn in the market sentiment to bullish as BTC climbed its way up from the low $40,000 to its current levels. In addition, trader John Wick believes there are the right ingredients and environment to support a new all-time high, as seen be...
