Can Solana Bulls Send Prices To A New All-Time High This Month? Here Are The Chances

Institutional Investors Now Moving To Solana As Bitcoin And Ether Lose Steam

Solana (SOL) is among the few altcoins that market observers are extremely bullish on. The outstanding performance of the asset this year has added to its credibility, such that SOL has easily become one of the most talked-about altcoins these past few months. October might see SOL break $250 for the first time A quick […]

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Bitcoin ‘Heavy Breakout’ Fractal Suggests BTC Price Can Hit $98,000 In 2021

Bitcoin Bulls Propel More Upside Breakout As Watershed Event For The Crypto Industry Arrives

Bitcoin is up 25% in the last 7 days and yesterday crossed the $55,000 price mark for the first time since May. The renewed price uplift comes after last month’s notable sell-offs that were associated with the Chinese new ban threats, regulatory pressures on exchanges, and the Evergrande crisis. Gemini co-founder and President Cameron Winklevoss […]

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Someone Just Bought $1.6 Billion Worth Of Bitcoin In 5 Minutes

Someone Just Bought $1.6 Billion Worth Of Bitcoin In 5 Minutes

Bitcoin could officially be out of the woods after an unidentified buyer purchased a whopping $1.6 billion worth of the asset on Wednesday, leading to price spiking by over 8% in just under 15 minutes. According to Cryptoquant’s C.E.O King Young Ju, Bitcoin’s insane run to $56,500 was ignited by an anonymous buyer purchasing a […]

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

BTC price broke out of its multi-month long range, securing a daily close above $50,000 and prompting traders to extend their short-term target to $56,000.

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 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.

BTC/USDT 4-hour chart. Source: TradingView

Since touching $40,885 on Sept. 29, BTC price has rallied 26.8% and reignited traders’ 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.

Hold your horses, bulls stil need to reclaim $55,000

Tuesday’s 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 “no genuine reason to trigger unless it had been fabricated by a large player that wanted to profit from the quiet illiquid market environment.”

Despite the move higher, Lifchitz warned that BTC is not out of the woods yet even though “technical indicators are all pointing to a move up, they have been tricked by the sudden spike of October 1st, just 3 days ago.”

Lifchitz said:

“At this point there are 2 possibilities: either bulls get back in the game, push BTC (the barometer…) 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.”

Related: Bitcoin price is back at $50K, but exactly how ‘bullish’ are the bulls?

Long term range high targets $320,000 and above

A more macro, long-term perspective was provided by crypto trader and pseudonymous Twitter user ‘Pentoshi’, who posted the following chart highlighting t multi-year trading range for BTC.

BTC/USD 1-week chart. Source: Twitter

Pentoshi said:

“Range trading is clean but when BTC trends hard, it trends. These are my ranges on the macro. Looking to take the range highs.”

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

The overall cryptocurrency market cap now stands at $2.229 trillion and Bitcoin’s dominance rate is 43.5%.

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.

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