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

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

Data from Cointelegraph Markets Pro and TradingView shows that shortly after the consolidation, the bulls resumed their push higher and several analysts are watching to see if BTC price holds the $50,000 level as support.

4 hour BTC/USDT chart. Source: TradingView

Since touching $40,885 on September 29, the price of BTC has surged 26.8% and reignited the hope of traders for a year-end close above the $100,000 mark, the level that became the actual price target for the end of 2021.

Hold your horses, the bulls still need to get $55,000 back

Tuesday’s price action was welcome for David Lifchitz, managing partner and chief investment officer at ExoAlpha, who saw the 10% increase on Oct. 1 as a short squeeze that “has no real reason to move unless it’s being concocted by a large group.” from a calm, illiquid market environment.

Despite the move to the upside, Lifchitz warned that BTC is not out of danger yet even though “technical indicators are all pointing up, they were deceived by the sudden rally on October 1, just 3 days ago.”

Lifchitz said:

“At this point, there are two possibilities: either the bulls are back in the game, pushing BTC (the gauge…) above $55,000 and we can expect an all-time high of $64,000 soon after, or they remain skeptical about a move from $44,000. To $48,000 in just 2 minutes and you might not have enough firepower to break past $53,000 to $55,000, at which point BTC could be back in the middle of its 5-month-old range between $40,000 and $50,000.”

Related: Bitcoin Price Reverted to $50K, But How “Rise” Are the Bulls “Rise”?

Long term target of $320,000 and above

A more macro and long-term perspective was offered by a cryptocurrency trader and Twitter user with the pseudonym “Pentoshi,” who Spread The following chart shows the multi-year trading range of Bitcoin.

BTC/USD 1-week chart. Source: Twitter

Bentoshi said:

“Range trading is clean but when the bitcoin trend is tough it does trend. These are my ranges on the macro. Looking forward to taking range highs.”

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

The total cryptocurrency market capitalization now stands at $2.229 trillion and the bitcoin dominance rate is 43.5%.

The opinions 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 do your own research when making a decision.