{"id":348845,"date":"2021-10-06T02:52:48","date_gmt":"2021-10-05T23:52:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-pushes-through-51k-extending-bulls-short-term-target-to-56k\/"},"modified":"2021-10-06T02:52:48","modified_gmt":"2021-10-05T23:52:48","slug":"bitcoin-price-pushes-through-51k-extending-bulls-short-term-target-to-56k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-pushes-through-51k-extending-bulls-short-term-target-to-56k\/","title":{"rendered":"# Bitcoin price pushes through $51K, extending bulls\u2019 short-term target to $56K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e77617eef3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e77617eef3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-pushes-through-51k-extending-bulls-short-term-target-to-56k\/#Hold_your_horses_bulls_stil_need_to_reclaim_55000\" >Hold your horses, bulls stil need to reclaim $55,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-pushes-through-51k-extending-bulls-short-term-target-to-56k\/#Long_term_range_high_targets_320000_and_above\" >Long term range high targets $320,000 and above<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price pushes through $51K, extending bulls\u2019 short-term target to $56K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The early morning momentum that pushed Bitcoin (BTC) above $50,000 on Oct. 5 continued throughout the day after bulls took control of the market and bid the price of BTC up near the $51,900.<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that after a brief period of consolidation, bulls resumed their drive higher and many analysts are watching to see if BTC price holds the $50,000 level as support.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/e83e2201-7961-4e75-83be-70a3d9f404ce.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><em>TradingView<\/em><\/figcaption><\/figure>\n<p>Since touching $40,885 on Sept. 29, BTC price has rallied 26.8% and reignited traders&#8217; hope for a year-end close above the $100,000 mark, a level which has become the de facto price target for the end of 2021. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin to 100k is less than a 2x from current prices.<\/p>\n<p>Let that sink in for a bit.<\/p>\n<p>\u2014 Ryan  Cantering Clark (@CanteringClark) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CanteringClark\/status\/1445471431093940228?ref_src=twsrc%5Etfw\">October 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Hold_your_horses_bulls_stil_need_to_reclaim_55000\"><\/span>Hold your horses, bulls stil need to reclaim $55,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Tuesday\u2019s price action was a welcome sight for David Lifchitz, managing partner and chief investment officer at ExoAlpha, who saw the 10% increase on Oct. 1 as a short squeeze that had \u201cno genuine reason to trigger unless it had been fabricated by a large player that wanted to profit from the quiet illiquid market environment.\u201d<\/p>\n<p>Despite the move higher, Lifchitz warned that BTC is not out of the woods yet even though \u201ctechnical indicators are all pointing to a move up, they have been tricked by the sudden spike of October 1st, just 3 days ago.&#8221;<\/p>\n<p>Lifchitz said:<\/p>\n<blockquote><p>\u201cAt this point there are 2 possibilities: either bulls get back in the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>, push BTC (the barometer&#8230;) above $55,000 and we can expect a reach toward the $64,000 all-time high soon after, or they remain skeptical about the move from $44,000 to $48,000 in just 2 minutes and may not have enough firepower to go past $53,000-$55,000, at which point BTC could just go back in the middle of its 5-month-old $40,000-$50,000 range.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin price is back at $50K, but exactly how &#8216;bullish&#8217; are the bulls?<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Long_term_range_high_targets_320000_and_above\"><\/span>Long term range high targets $320,000 and above<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A more macro, long-term perspective was provided by crypto trader and pseudonymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user \u2018Pentoshi\u2019, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pentosh1\/status\/1445434812928561160\">posted<\/a> the following chart highlighting t multi-year trading range for BTC. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/5fa130ad-6e1a-4991-86bf-53dc495ac4a4.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Pentoshi said:<\/p>\n<blockquote><p>\u201cRange trading is clean but when BTC trends hard, it trends. These are my ranges on the macro. Looking to take the range highs.\u201d <\/p><\/blockquote>\n<p>According to the chart provided, BTC price could reach a range high of $323,216 sometime in 2022.<\/p>\n<p>The overall cryptocurrency market cap now stands at $2.229 trillion and Bitcoin\u2019s dominance rate is 43.5%.<\/p>\n<p class=\"post-content__disclaimer\">The views 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 conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-pushes-through-51k-extending-bulls-short-term-target-to-56k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price pushes through $51K, extending bulls\u2019 short-term target to $56K &#8221; The early morning momentum that pushed Bitcoin (BTC) above $50,000 on Oct. 5 continued throughout the day after bulls took control of the market and bid the price of BTC up near the $51,900. Data from Cointelegraph Markets Pro and TradingView shows&#8230;<\/p>\n","protected":false},"author":1,"featured_media":348846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvOWExNWM4YmQtMGY0My00OTk4LTk0NWMtZDlmNjEyY2Q2OTY5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-348845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/348845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=348845"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/348845\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/348846"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=348845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=348845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=348845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}