Bitcoin price breaks through $ 51,000, extending the bulls’ short-term target to $ 56,000

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The early morning momentum that drove Bitcoin (BTC) above $ 50,000 on October 5 continued throughout the day after the bulls took control of the market and the price of BTC rose to nearly $ 51,900 let rise.

Data from Cointelegraph Markets Pro and TradingView show that the bulls have resumed their surge after a brief period of consolidation and many analysts are watching whether the price of BTC holds the $ 50,000 level for support.

BTC / USDT 4-hour chart. Source: TradingView

Since hitting $ 40,885 on September 29, the price of BTC has risen 26.8%, rekindling hopes among traders for a year-end above the $ 100,000 mark, a level that is de facto the price target for the end of 2021.

Hold on to your horses, cops still have to reclaim $ 55,000

Tuesday’s price action was a welcome sight for David Lifchitz, Managing Partner and Chief Investment Officer of ExoAlpha, who viewed the 10% increase on October 1 as a short squeeze that “had no real reason to trigger unless it was , it was manufactured by a large company ”. Player who wanted to benefit from the quiet, illiquid market environment. “

Despite the upward move, Lifchitz warned that BTC is still out of the woods, despite “technical indicators all pointing to an upward move, they were tricked by the sudden surge October 1 just 3 days ago”.

Liftchitz said:

“At this point there are two options: either the bulls come back into the game, push BTC (the barometer …) above USD 55,000 and we can expect a reach towards the all-time high of USD 64,000 soon after, or they remain skeptical of this that go from $ 44,000 to $ 48,000 in just 2 minutes and may not have enough firepower to go above $ 53,000 to $ 55,000, at which point BTC could simply get back to the middle of its 5 month old range of 40,000 to 50,000 US dollars return.

Related: Bitcoin is back at $ 50,000, but how bullish are the bulls, exactly?

Long-term high-range goals of $ 320,000 and more

A more macroeconomic, long-term perspective was provided by crypto trader and pseudonymous Twitter user Pentoshi, who published the following graph highlighting the multi-year trading range for BTC.

BTC / USD 1 week chart. Source: Twitter

Pentoshi said:

“Range trading is clean, but when BTC is trending high, it’s a trend. These are my areas on the macro. I want to reach the highs in the range. ”

According to the graph provided, the price of BTC could hit a range high of $ 323,216 sometime in 2022.

The total market cap of the cryptocurrency is now $ 2.229 trillion, and the dominance rate of Bitcoin is 43.5%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.