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

bitcoin cryptocurrency investing concept 3d rendering scaled

BTC’s price broke out of its multi-month long range, securing a daily close above $50,000 and prompting traders to extend their short-term target to $56,000.

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.

BTC/USDT 4-hour chart. Source: TradingView

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.

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:

“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 the multi-year trading range for BTC.

BTC/USD 1-week chart. Source: Twitter

Pentoshi said:

“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’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.

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Ronnie Huss

Ronnie Huss

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