After bulls took over the market, the momentum that drove Bitcoin (BTC), above $50,000 on Oct. 5, continued through the day. BTC was bid up to $51,900 by the bulls.
TradingView and Cointelegraph Markets Pro data show that bulls have resumed their climb higher after a brief consolidation period. Many analysts are monitoring to see if the Bitcoin price holds at $50,000 support.
Chart for BTC/USDT 4 hours TradingView
BTC has rallied 26.8% since Sept. 29 when it touched $40,885 and traders are rejoicing at the prospect of a year-end close over $100,000, which is now the price target for 2021.
The difference between Bitcoin 100k and current prices is less than 2x. Let that sink in for awhile.
— Ryan Cantering Clark (@CanteringClark) October 5, 2021
Halte your horses! Bulls still need to reclaim $55,000
ExoAlpha’s managing partner David Lifchitz saw Tuesday’s price action as a welcome sight. He considered the 10% increase in Oct. 1 to be a short squeeze and that there was no real reason for it to trigger, unless it was created by large players that were looking to make a profit from the quiet, illiquid market.
Lifchitz cautioned that BTC was not yet out of the woods despite the recent move higher. “Technical indicators all point to a move upward, but they have been fooled by the sudden spike in October 1st, only 3 days ago.”
“At this stage there are two options: bulls can get back into the game and push BTC (the …)barometer above $55,000; we can expect a rise towards the $64,000 all time high soon afterward. Or they may remain skeptical about the move of $44,000 to $48,000 within 2 minutes. They may not have enough firepower or the financial resources to reach $53,000-$55,000 at that point BTC could return to the middle of its 5-month old $40,000-$50,000 range.
Related: Bitcoin price back at $50K. But just how bullish are the bulls?
Long-term high range targets $320,000 and higher
Crypto trader and pseudonymous Twitter User ‘Pentoshi’ provided a macro-level, long-term perspective. He posted the following chart, which highlights the multi-year trading range of BTC.
BTC/USD 1-week chart. Source: Twitter
“Range trading can be clean, but it is not as easy to trade when BTC trend hard. These are my ranges for the macro. You can take the range highs.”
The chart shows that the BTC price may reach an all-time high of $323.216 in 2022, according to the provided graph.
The total cryptocurrency market is now worth $2.229 trillion. Bitcoin’s dominance rate at 43.5%.
com. You should do your research before making any investment or trading decision.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.