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

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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 Pro and TradingView exhibits that after a short interval of consolidation, bulls resumed their drive increased and lots of analysts are watching to see if BTC worth holds the $50,000 degree as assist.

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BTC/USDT 4-hour chart. Supply: TradingView

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

Maintain your horses, bulls stil have to reclaim $55,000

Tuesday’s worth 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 needed to revenue from the quiet illiquid market setting.”

Regardless of the transfer increased, Lifchitz warned that BTC shouldn’t be out of the woods but although “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 prospects: both bulls get again within the sport, push BTC (the barometer…) above $55,000 and we will count on a attain towards the $64,000 all-time excessive quickly after, or they continue to be skeptical concerning 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 may simply return in the midst of its 5-month-old $40,000-$50,000 vary.”

Associated: Bitcoin price is back at $50K, but exactly 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 laborious, it traits. These are my ranges on the macro. Seeking to take the vary highs.”

In accordance with the chart supplied, BTC worth may 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 fee is 43.5%.

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it’s best to conduct your personal analysis when making a call.