Bitcoin Nearing Next Major Resistance of $52,563

After bulls seized control of the market and drove the price of BTC up to the $51,900 level, the early morning impetus that had propelled it over $50,000 on Oct. 5 persisted for the rest of the day.

According to Coingecko’s data, bulls have resumed their ascent after a short period of stabilization, and many experts are keeping a close eye on whether BTC’s price will maintain support above $50,000.

Traders’ hopes for a year-end close over the $100,000 barrier have been rekindled after BTC price touched $40,885 on Sept. 29. This level has now turned out to be the de facto price goal for the end of this year. For ExoAlpha managing partner and chief investment officer David Lifchitz, Tuesday’s price action was a visual delight after seeing the 10% rise on Oct. 1 as a short squeeze with “no justified reason to spark only if it had been completely made up by a large player that wanted to profit from the calm illiquid market situation,” he says.

It’s been three days after the October 1st surge, but Lifchitz cautioned that BTC isn’t out of the doldrums yet notwithstanding “technical indications all suggesting to a move higher.”

Lifchitz said:

“If the bulls get back in the game and push BTC (the barometer…) above $55,000, we can anticipate a rise to the $64,000 all-time peak in the near future. If the bears remain unconvinced about the shift from $44,000 to $48,000 in only 2 minutes, they may not have adequate force to push BTC past $53,000 to $55,000 range, at which juncture BTC could only go back to the middle of its 5-month-old $40,000-$50,000 spectrum.”

The graphs, uploaded by cryptocurrency trader and pseudonymous Twitter user ‘Pentoshi,’ shows BTC’s multi-year trading range from a macro, long-term viewpoint.
Pentoshi said:

“While range trading is fair, Pentoshi said that when Bitcoin takes a strong trend, it takes a trend. On the macro, these are the areas I’m interested in. I’m aiming for the top of the range.”

The chart shows that Bitcoin’s price could hit a range peak of $323,216 by the year 2022, as per the data. The total value of the cryptocurrency market is now $2.229 trillion, with Bitcoin commanding 43.5% of the market share.