Bitcoin Bull Run triggers a BTC price forecast of 180,000 US dollars before the institutional “fireworks”
Bitcoin (BTC) left traders playing a guessing game on Thursday as $ 50,000 looked increasingly shaky as new support.
BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView
Seeing crypto “spectacular” September
Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD as it crossed the $ 50,000 mark after returning to it for the first time in nearly two weeks.
The largest cryptocurrency saw a 4.5% gain that day, but it was beaten by three of the top 10 altcoins, all of which managed over 7%.
Against a largely positive backdrop, traders were understandably optimistic about Bitcoin’s outlook.
“Break over 50k = 58-60k follows. Seated over 200 D MA, which now acts as a support, ”summarized Pentoshi Twitter followers.
“What is your pricing plan like? Above these highs, 3x seems reasonable, which is around 180k. They don’t make new aths for 10% profits. On the verge of breaking out into this last area. “BTC / USD scenario. Source: Pentoshi / Twitter
A BTC price of $ 180,000 is a curious prospect for many, and even beats the more optimistic minimum target of $ 135,000 set by stock-to-flow inventor PlanB for late 2021.
“September has been a spectacular month for Crypto so far,” added his trading colleague Rekt Capital.
As Cointelegraph reported, the first two days of the month contrasted sharply with the historical norms for September, which has always been a lackluster month for cryptocurrency markets.
Looking ahead, institutional reporting could help make the coming weeks even more interesting.
“Many large and important institutions bought bitcoin over the summer,” noted Mike Alfred, founding CEO of BrightScope & Digital Assets Data.
“They will announce their purchases between September 7th and November 19th. Enjoy the fireworks. “
Crypto pauses profits at all-time highs with Cardano
Among the altcoins, Cardano’s ADA tokens and ethers (ETH) were also taking a break from their own upward moves at the time of writing.
Related: MicroStrategy stock beats bullish with MSTR, a bitcoin “proxy” for institutional investors
ADA / USD had hit new all-time highs earlier in the day, while ETH / USD was nearing USD 3,800 – its highest level since May.
As Cointelegraph pointed out this week, Polkadot’s DOT is being named as the next altcoin to see big gains.