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The morning momentum that pushed Bitcoin (BTC) above $ 50,000 on October 5 continued throughout the day after the bulls took control of the market and drove the price of BTC higher at nearly $ 51,900.
Data from Cointelegraph Markets Pro and TradingView shows that after a brief period of consolidation the bulls have resumed their ascent and many analysts are watching to see if the BTC price maintains the $ 50,000 level for support.
Since hitting $ 40,885 on September 29, the price of BTC has risen 26.8% and has rekindled traders’ hopes for a year-end close above the 100,000 mark. $, a level that has become the de facto price target for the end of 2021.
Bitcoin at 100k is less than 2x from current prices.
Let it flow a bit.
– Ryan Cantering Clark (@CanteringClark) October 5, 2021
Hold Your Horses, The Bulls Still Need To Raise $ 55,000
Tuesday’s price action was a welcome sight for David Lifchitz, Managing Partner and Chief Investment Officer at ExoAlpha, who saw the 10% increase on October 1 as a short squeeze that had “no real reason. to trigger unless it was crafted by a big player who wanted to take advantage of the calm, illiquid market environment.
Despite the rise, Lifchitz warned that BTC was not yet out of the woods even though “the technical indicators are all pointing up, they were misled by the sudden spike on October 1 just 3 days ago.”
Lifchitz said:
“At this point there are 2 possibilities: either the bulls come back into the game, push the BTC (the barometer …) above $ 55,000 and we can expect to hit the all-time high of $ 64,000 soon after, either they remain skeptical of going from $ 44,000 to $ 48,000 in just 2 minutes and may not have enough firepower to exceed $ 53,000 to $ 55,000, at which point BTC might simply fall back to the midpoint of its 5-month-old $ 40,000 to $ 50,000 range.
Related: The price of Bitcoin is back at $ 50,000, but how exactly “bullish” are the bulls?
Long-term high goals of $ 320,000 and over
A more macro and long-term perspective was provided by crypto-trader and pseudonymous Twitter user “Pentoshi,” who job the following chart highlighting the multi-year trading range for BTC.
Pentoshi said:
“Range trading is clean, but when BTC has a tough trend, it trends. These are my ranges on the macro. I am looking to take the high end.
According to the chart provided, the price of BTC could peak at $ 323,216 in 2022.
The overall cryptocurrency market cap is now $ 2.229 billion and Bitcoin’s dominance rate is 43.5%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.
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