The early morning operation that pushed Bitcoin (BTC) above $50,000 on October 5 continued all day after the bulls took control of the market and pushed the price of BTC higher by around $51,900.
Data from Cointelegraph Markets Pro and TradingView shows that the bulls have resumed their bullish trend shortly after the consolidation, with many analysts looking to see if Bitcoin price holds the $50,000 level as support.
4 hour BTC/USDT chart. Source: TradingView
Since hitting $40,885 on September 29, Bitcoin has surged 26.8%, reviving traders’ hopes that the end of the year will approach the $100,000 mark, the level that became the actual price target for the end of 2021.
Leave your horses, the bulls still need to get $55,000 back
Tuesday’s price action was a welcome sight for David Lifshitz, CEO and CIO of ExoAlpha, who saw the 10% gain on Oct. 1 as a short squeeze that “has no real reason to launch unless it’s made by a major player. He wanted to make a profit in the Quiet and illiquid market.”
Despite the high gains, Lifshits warned that BTC is not yet out of the crisis, even though “all technical indicators point to growth, but they were fooled by the sudden rally on October 1, just 3 days ago.”
“Right now, there are two possibilities: either the bulls are back in play, pushing BTC (the barometer…) to the $55,000 mark, and we can expect the $64,000 range all the time right after that, or skeptical. Going from $44,000 to $48,000. Dollars in just two minutes and you might not have enough firepower to get past $53,000-55,000, then BTC can only come back in the middle of its five-month-old life at $40,000-50,000…”
On the topic: Bitcoin Price Is $50K Again, But How Up Are The Bulls?
The long-term highs are $320,000 and above.
A more macro and long-term perspective was provided by crypto trader and Twitter user under the pseudonym Pentoshi, who posted the following chart, which highlights the multi-year BTC trading area.
BTC/USD weekly chart. Source: Twitter
“Ranger trading is clean, but when BTC gains strength, it evolves. These are my overall areas. I want to take the range higher.”
According to the above chart, the price of BTC could reach $323,216 sometime in 2022.
The total cryptocurrency market capitalization is now at $2,229 trillion, with bitcoin dominance at 43.5%.