The early forenoon momentum that pushed Bitcoin (BTC) above $fifty,000 on Oct. 5 continued throughout the mean solar day afterward bulls took control of the market and bid the price of BTC upward well-nigh $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'south price holds the $50,000 level as back up.

BTC/USDT 4-hour chart. Source: TradingView

Since touching $40,885 on Sept. 29, BTC'due south price has rallied 26.eight% and reignited traders' promise for a twelvemonth-end shut to a higher place the $100,000 mark, a level that has become the de facto price target for the end of 2022.

Concord your horses, bulls withal need to reclaim $55,000

Tuesday's cost action was a welcome sight for David Lifchitz, managing partner and main investment officeholder of ExoAlpha, who saw the 10% increase on Oct. 1 every bit a short clasp that had "no 18-carat reason to trigger unless it had been fabricated by a large player that wanted to profit from the quiet illiquid market environment."

Despite the motion college, Lifchitz warned that BTC is non out of the woods yet even though "technical indicators are all pointing to a motility upwards, they have been tricked by the sudden fasten of October 1st, simply 3 days agone."

Lifchitz said:

"At this point there are 2 possibilities: either bulls get back in the game, push button BTC (the barometer...) to a higher place $55,000 and we can look 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 non have enough firepower to go past $53,000–$55,000, at which point BTC could just go back in the eye of its five-month-former $40,000–$fifty,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 than macro, long-term perspective was provided by crypto trader and pseudonymous Twitter user Pentoshi, who posted the post-obit chart highlighting the multi-twelvemonth trading range for BTC.

BTC/USD i-week chart. Source: Twitter

Pentoshi said:

"Range trading is make clean but when BTC trends hard, it trends. These are my ranges on the macro. Looking to accept the range highs."

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

The overall cryptocurrency market capitalization now stands at $2.229 trillion, and Bitcoin's authorisation rate is 43.five%.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph.com. Every investment and trading motion involves risk, you should conduct your own research when making a determination.