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

The early morning momentum that driven Bitcoin (BTC) above $50,000 on Oct. Five persevered right through the day after bulls took keep an eye on of the marketplace and bid the cost of BTC up close to the $51,900.

Knowledge from Cointelegraph Markets Professional and TradingView presentations that when a short lived duration of consolidation, bulls resumed their power upper and plenty of analysts are gazing to look if BTC worth holds the $50,000 degree as beef up.

BTC/USDT Four-hour chart. Supply: TradingView

Since touching $40,885 on Sept. 29, BTC worth has rallied 26.eight% and reignited investors’ hope for a year-end shut above the $100,000 mark, a degree which has develop into the de facto worth goal for the tip of 2021.

Grasp your horses, bulls stil want to reclaim $55,000

Tuesday’s worth motion was once a welcome sight for David Lifchitz, managing spouse and leader funding officer at ExoAlpha, who noticed the 10% build up on Oct. 1 as a brief squeeze that had “no authentic explanation why to cause until it were fabricated by way of a big participant that sought after to take advantage of the quiet illiquid marketplace setting.”

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

Lifchitz stated:

“At this level there are 2 chances: both bulls get again within the sport, push BTC (the barometer…) above $55,000 and we will be expecting a achieve towards the $64,000 all-time top quickly after, or they continue to be skeptical in regards to the transfer from $44,000 to $48,000 in simply 2 mins and would possibly not have sufficient firepower to head previous $53,000-$55,000, at which level BTC may simply return in the course of its Five-month-old $40,000-$50,000 vary.”

Similar: Bitcoin worth is again at $50Ok, however precisely how ‘bullish’ are the bulls?

Long run vary top goals $320,000 and above

A extra macro, long-term viewpoint was once supplied by way of crypto dealer and pseudonymous Twitter person ‘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 blank but if BTC traits laborious, it traits. Those are my levels at the macro. Taking a look to take the variety highs.”

Consistent with the chart supplied, BTC worth may achieve a variety top of $323,216 someday in 2022.

The total cryptocurrency marketplace cap now stands at $2.229 trillion and Bitcoin’s dominance price is 43.Five%.

The perspectives and critiques expressed listed below are only the ones of the writer and don’t essentially replicate the perspectives of Cointelegraph.com. Each funding and buying and selling transfer comes to possibility, you will have to habits your individual analysis when you decide.

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