Bitcoin (BTC) made traders play a guessing game on Thursday as $50,000 looked increasingly shaky as new support.
Crypto seeing “spectacular” September
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it crisscrossed the $50,000 barrier after returning to it for the first time in almost two weeks.
The largest cryptocurrency saw 4.5% gains on the day, these nonetheless beaten by three of the top 10 altcoins, which all managed over 7%.
Against a largely positive background, traders were understandably bullish on Bitcoin’s prospects.
“Break above 50k = 58-60k to follow. Sitting above 200D MA which is now acting as support,” Pentoshi summarized to Twitter followers.
“What is your price discovery plan? Above those Highs 3x seems reasonable which is around 180k. You don’t go make new ath’s for 10% gains. Verge of breaking out into that last range.”
A $180,000 BTC price is a curious prospect for many and beats even the more optimistic $135,000 minimum target set by stock-to-flow creator PlanB for the end of 2021.
“September has been a spectacular month for Crypto thus far,” fellow trader Rekt Capital added.
As Cointelegraph reported, the first two days of the month have contrasted sharply with historical norms for September, which has always been a lackluster month for cryptocurrency markets.
Looking ahead, institutional reporting may serve to make the coming weeks even more intriguing.
“A lot of large and important institutions bought bitcoin over the summer,” Mike Alfred, founding CEO at BrightScope & Digital Assets Data, noted.
“They will announce their purchases between September 7 and November 19. Enjoy the fireworks.”
Crypto pauses gains with Cardano at all-time highs
Among altcoins, Cardano’s ADA token and Ether (ETH) were likewise taking a break from bullish surges of their own at the time of writing.
Related: MicroStrategy stock flips bullish with MSTR a Bitcoin ‘proxy’ for institutional investors
ADA/USD had hit new all-time highs earlier in the day, while ETH/USD neared $3,800 — its highest level since May.
As Cointelegraph highlighted this week, Polkadot’s DOT is being tipped as the next altcoin to see major gains.
Source: Cointelegraph.com
