Bitcoin price tops $51K, extending bulls' short-term target to $56K

In the early morning of October 5, the upward momentum of Bitcoin (BTC) continued throughout the day, and the bulls took control of the market, and the price of Bitcoin rose to around $51,900.

Data from Cointelegraph Markets Pro and TradingView show bulls are back pushing higher after a brief period of consolidation, with many analysts watching to see if bitcoin's price can hold the $50,000 level as support.

Since hitting $40,885 on Sept. 29, the price of bitcoin has risen 26.8%, rekindling traders' hopes for a year-end close above the $100,000 mark, a level that has become a de facto price target for the end of 2021.

Let it take its time.

— Ryan Cantering Clark (@CanteringClark) October 5, 2021

Hold their ground, bulls still need to reclaim $55,000

Tuesday's price action was a welcome sight for ExoAlpha managing partner and chief investment officer David Lifchitz, who sees the 10% rise on Oct. 1 as a short squeeze "with no real reason to trigger unless it's Made by a big player looking to profit from a quiet illiquid market environment.”

Lifchitz warned that although Bitcoin is higher and technical indicators are pointing to an upward trend, Bitcoin is not out of the woods yet, and they have been deceived by the sudden surge on October 1 3 days ago.

Lifchitz said:

"There are 2 possibilities at this point: either the bulls are back in the game and push BTC (barometer...) above $55k and we can look forward to an all-time high of $64k shortly thereafter ; or they are skeptical about the rise from $44,000 to $48,000 in just 2 minutes, and may not have enough firepower to break through $53,000-55,000, and by then BTC may just return to the $40,000-50,000 level it was 5 months ago Middle ground."

Long-term range high targets at $320,000 and above

Offering a bigger, longer-term perspective, cryptocurrency trader and anonymous Twitter user Pentoshi posted the following chart highlighting Bitcoin's multi-year trading range.

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

At present, the market capitalization of the entire cryptocurrency is 2.229 trillion US dollars, and the dominance rate of Bitcoin is 43.5%.