Bitcoin price breaks through US$51,000, extending the short-term goal of the bulls to US$56,000

Promote the early morning momentum of Bitcoin (Bitcoin) After the bulls controlled the market and pushed the price of BTC to around US$51,900, it continued to be higher than US$50,000 throughout the day on October 5.

Data from Cointelegraph Markets Pro with Transaction view It shows that after a short period of consolidation, the bulls have resumed their move. Many analysts are observing whether the BTC price remains at the level of $50,000 as support.

BTC/USDT 4-hour chart. source: Transaction view

Since hitting US$40,885 on September 29, the BTC price has risen by 26.8% and has rekindled traders’ hopes that the closing price at the end of the year will be higher than the US$100,000 mark, which has become the actual price target for the end of 2021.

Hold your horse tightly, the bulls still need to recover $55,000

Tuesday’s price action was a welcome sight for ExoAlpha’s managing partner and chief investment officer David Lifchitz. He believed that the 10% rise on October 1 was a short-term squeeze. “There is no real reason to trigger unless it Players who are fabricated by large companies “want to profit from a quiet, illiquid market environment.” “

Despite going higher, Lifchitz warned that BTC has not yet come out of the predicament, although “technical indicators are pointing up, but just 3 days ago, they were deceived by the sudden spike on October 1.”

Lifchitz said:

“There are two possibilities at this time: either the bulls will return to the game and push the BTC (barometer…) above $55,000, and we can expect to reach an all-time high of $64,000 in the near future, or they Still, the pair has risen from US$44,000 to US$48,000 in just 2 minutes, and may not have enough firepower to exceed US$53,000 to US$55,000. At this time, BTC may return to the middle of its range of US$40,000 to US$50,000 5 months ago. .”

related: The price of Bitcoin has returned to $50,000, but how “bullish” are the bulls?

Long-term high target of $320,000 and above

Cryptocurrency trader and pseudonymous Twitter user “Pentoshi” provided a broader and longer-term view. He Post The chart below highlights the multi-year trading range of BTC.

BTC/USD 1-week chart.Source: Twitter

Pentoshi said:

“Range trading is clean, but when BTC is trending hard, it will trend. These are my macroscopic ranges. I hope to make a range high.”

According to the chart provided, the BTC price may reach a range high of US$323,216 sometime in 2022.

The overall cryptocurrency market value is now $2.229 trillion, and Bitcoin’s dominance rate is 43.5%.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Every investment and trading action involves risk, and you should conduct your own research when making a decision.