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

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 surged 26.8% since Sept. 29 when it touched $40,885 and traders are hopeful that the price will surpass $100,000 by the end of the year. This level has been 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

ExoAlphas managing partner David Lifchitz saw Tuesdays 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.”

Lifchitz said:

“There are two options at this point: bulls can get back in, push BTC (the …)barometer above $55,000, and we can expect a rise towards the $64,000 all time high soon afterward, or they may remain skeptical about the move between $44,000 and $48,000 in 2 minutes. They may not have enough firepower and might not be able 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

Pentoshi stated:

“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. Bitcoins dominance rate at 43.5%.

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