Things are looking up for Bitcoin and altcoins on Thursday, but the chance of a breakdown remains, one analyst warns.

Bitcoin (cryptoprimacy.com/bitcoin-price”>BTC) volatility is again overdue, and one analyst is favoring an “impulsive” move toward $50,000.

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

Trader: “Chill and wait” for Bitcoin breakout

Data from cryptoprimacy.com/?via=markets&_ga=2.121254216.1571181373.1628517932-1136475544.1627545224″>Cointelegraph Markets Pro and TradingView showed BTC/USD continuing to circle $46,000 on Thursd as an eerie calm lingered over the market. 

Tuesday saw mass upheaval as a cascade of unwound positions sparked a cryptoprimacy.com/news/bitcoin-price-plunges-below-43k-in-minutes-in-crypto-market-rout” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-price-plunges-below-43k-in-minutes-in-crypto-market-rout/amp”>huge $9,000 daily loss for Bitcoin, something analysts have since cryptoprimacy.com/news/who-was-selling-not-hodlers-new-data-hints-at-bitcoin-crash-culprit-amid-leverage-wipe-out” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/who-was-selling-not-hodlers-new-data-hints-at-bitcoin-crash-culprit-amid-leverage-wipe-out/amp”>pinned on overleveraged traders.

While the event’s lows of $42,800 have not been retested, a breakdown is not off the cards, popular trader Crypto Ed says.

“Looks like a bullish pennant to me…Impulsive bounce followed by consolidation,” he summarized alongside an updated chart Wednesday.

“Chill and wait for the break out. Wrong when it breaks down.”

BTC/USD scenario. Source: Crypto Ed/Twitter

With expectations thus skewed to the upside, fellow trader and analyst Rekt Capital eyed an ongoing retest of Bitcoin’s 50-day exponential moving average (EMA) as a potential game-changer.

“This is the first time that BTC is retesting the blue 50-day EMA as support, after having reclaimed it as support in late July,” he noted.

“The 50-day EMA is useful for understanding bullish momentum as it tends to support established uptrends.” 

BTC/USD 1-day candle chart (Bitstamp) with 50-day EMA. Source: TradingView

Altcoins recover as Solana passes $200

Improved performance across major altcoins, meanwhile, is giving hope to the bullish short-term case for Bitcoin.

Related: cryptoprimacy.com/news/price-analysis-9-8-btc-eth-ada-bnb-xrp-sol-doge-dot-uni-bch” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/price-analysis-9-8-btc-eth-ada-bnb-xrp-sol-doge-dot-uni-bch/amp”>Price analysis 9/8: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, BCH

While BTC/USD has stayed broadly flat overnight, all of the top 10 cryptocurrencies by market capitalization have posted solid gains of at least 4%.

Ether (cryptoprimacy.com/ethereum-price”>ETH) added 4.5% to circle $3,470 at the time of writing, while Cardano (cryptoprimacy.com/ada-price-index”>ADA) recovered above $2.50.

cryptoprimacy.com/news/sol-price-nears-200-after-ftx-s-solana-enabled-nft-marketplace-goes-live” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/sol-price-nears-200-after-ftx-s-solana-enabled-nft-marketplace-goes-live/amp”>Still outshining the pack, however, is Solana (SOL), now trading above $200 on 32% gains in just 24 hours.

SOL/USD 1-hour candle chart (FTX). Source: TradingView