The push that had sent the price of Bitcoin crashing through the resistance level of $50,000 on the 5th of October continued its momentum throughout. It also saw the bulls taking control of the cryptocurrency market, with the bidding for the price of BTC going as high as $51,900.
According to data that was received from TradingView and Cointelegraph Markets Pro, it was highlighted that after a tiny period of consolidation, the market bulls decided to increase their drive higher- with several analysts expectant about BTC’s price resistance level.
Ever since the cryptocurrency touched the sum of $40,885 on the 29th of September, the price of Bitcoin went on to rally at 26.8%- reigniting the hopes of traders for an annual close which would see them above the mark of $100,000- a level that has definitely turned into a de facto price target at the end of the year.
Hold your horses, Bitcoin bulls still need to reclaim $55,000
The price action of Bitcoin on Tuesday was definitely quite a welcome view for David Lifchitz, the chief investment officer and managing partner at ExoAlpha, as he witnessed an increase of 10% on the 1st of October as a short squeeze that definitely had no reason to trigger. But it was triggered- potentially as a fabrication by a bigger player that simply wanted to get some profit from the market environment that was unnaturally quiet.
Despite this move, the partner did warn that the cryptocurrency was still not out of danger- although most of the technical indicators were pointing in a much more favorable direction.
Pentoshi, one of the most famous crypto traders of Bitcoin put out a macro, long-term outlook for the cryptocurrency. According to the information that he provided, the price of this cryptocurrency could look at a high of $323,216 sometime in 2022. As of now, BTC has a dominance rate of 43.5%.