Bitcoin value pushes by way of $51K, extending bulls’ short-term goal 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.
Data from Cointelegraph Markets Pro and TradingView exhibits that after a quick interval of consolidation, bulls resumed their drive larger and plenty of analysts are watching to see if BTC value holds the $50,000 stage as assist.
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 stage which has grow to be the de facto value goal for the tip of 2021.
Bitcoin to 100k is lower than a 2x from present costs.
Let that sink in for a bit.
— Ryan Cantering Clark (@CanteringClark) October 5, 2021
Hold your horses, bulls stil must reclaim $55,000
Tuesday’s value motion was a welcome sight for David Lifchitz, managing accomplice and chief funding officer at ExoAlpha, who noticed the ten% improve on Oct. 1 as a brief squeeze that had “no genuine reason to trigger unless it had been fabricated by a large player that wanted to profit from the quiet illiquid market environment.”
Despite the transfer larger, Lifchitz warned that BTC is just not out of the woods but regardless 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.”
“At this point there are 2 possibilities: either bulls get back in the game, push BTC (the barometer…) above $55,000 and we can expect a reach toward the $64,000 all-time high soon after, or they remain skeptical about the move from $44,000 to $48,000 in just 2 minutes and may not have enough firepower to go past $53,000-$55,000, at which point BTC could just go back in the middle of its 5-month-old $40,000-$50,000 range.”
Related: Bitcoin price is back at $50K, but exactly how ‘bullish’ are the bulls?
Long term range high targets $320,000 and above
A more macro, long-term perspective was provided by crypto trader and pseudonymous Twitter user ‘Pentoshi’, who posted the following chart highlighting t multi-year trading range for BTC.
“Range trading is clean but when BTC trends hard, it trends. These are my ranges on the macro. Looking to take the range highs.”
According to the chart provided, BTC price could reach a range high of $323,216 sometime in 2022.
The overall cryptocurrency market cap now stands at $2.229 trillion and Bitcoin’s dominance rate is 43.5%.
The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer entails threat, you need to conduct your individual analysis when making a call.