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.
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.
The price of Bitcoin to 100k is less than 2 times the current price.
Let it sink in for a while.
— Ryan Cantering Clark (@CanteringClark) October 5, 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.”
“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.
“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%.
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