Bitcoin price pushes through $51K, extending bulls’ short-term target to $56K

The early morning momentum that pushed Bitcoin (BTC) above $50,000 on Oct. 5 continued all through the day after bulls took management of the market and bid the worth of BTC up close to the $51,900.

Knowledge from Cointelegraph Markets Professional and TradingView reveals that after a short interval of consolidation, bulls resumed their drive larger and lots of analysts are watching to see if BTC value holds the $50,000 degree as assist.

BTC/USDT 4-hour chart. Supply: TradingView

Since touching $40,885 on Sept. 29, BTC value has rallied 26.8% and reignited merchants’ hope for a year-end shut above the $100,000 mark, a degree which has turn out to be the de facto value goal for the top of 2021.

Maintain your horses, bulls stil must reclaim $55,000

Tuesday’s value motion was a welcome sight for David Lifchitz, managing associate and chief funding officer at ExoAlpha, who noticed the ten% enhance on Oct. 1 as a brief squeeze that had “no real purpose to set off except it had been fabricated by a big participant that wished to revenue from the quiet illiquid market setting.”

Regardless of the transfer larger, Lifchitz warned that BTC isn’t out of the woods but despite the fact that “technical indicators are all pointing to a transfer up, they’ve been tricked by the sudden spike of October 1st, simply 3 days in the past.”

Lifchitz stated:

“At this level there are 2 potentialities: both bulls get again within the recreation, push BTC (the barometer…) above $55,000 and we will anticipate a attain towards the $64,000 all-time excessive quickly after, or they continue to be skeptical in regards to the transfer from $44,000 to $48,000 in simply 2 minutes and should not have sufficient firepower to go previous $53,000-$55,000, at which level BTC might simply return in the midst of its 5-month-old $40,000-$50,000 vary.”

Associated: Bitcoin value is again at $50K, however precisely how ‘bullish’ are the bulls?

Long run vary excessive targets $320,000 and above

A extra macro, long-term perspective was supplied by crypto dealer and pseudonymous Twitter consumer ‘Pentoshi’, who posted the next chart highlighting t multi-year buying and selling vary for BTC.

BTC/USD 1-week chart. Supply: Twitter

Pentoshi stated:

“Vary buying and selling is clear however when BTC traits exhausting, it traits. These are my ranges on the macro. Trying to take the vary highs.”

In line with the chart supplied, BTC value might attain a spread excessive of $323,216 someday in 2022.

The general cryptocurrency market cap now stands at $2.229 trillion and Bitcoin’s dominance price is 43.5%.

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Each funding and buying and selling transfer includes danger, it’s best to conduct your individual analysis when making a choice.