News

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 throughout the day after bulls took control of the market and bid the price of BTC up near $51,900.Data from Cointelegraph Markets Pro and TradingView shows that after a brief period of consolidation, bulls resumed their drive higher, and many analysts are watching to see if BTC’s price holds the $50,000 level as support.Since touching $40,885 on Sept. 29, BTC’s price has rallied 26.8% and reignited traders’ hope 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 to 100k is less than a 2x from current prices.

Let that sink in for a bit.

Hold your horses, bulls still need to reclaim $55,000

Tuesday’s price action was a welcome sight for David Lifchitz, managing partner and chief investment officer of ExoAlpha, who saw the 10% increase on Oct. 1 as a short 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 move higher, Lifchitz warned that BTC is not out of the woods yet even though “technical indicators are all pointing to a move up, they have been tricked by the sudden spike of October 1st, just 3 days ago.”Lifchitz said:

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 the multi-year trading range for BTC. Pentoshi said:According to the chart provided, BTC’s price could reach a range high of $323,216 sometime in 2022.The overall cryptocurrency market capitalization now stands at $2.229 trillion, 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 involves risk, you should conduct your own research when making a decision.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button