Bitcoin price made traders play a guessing game as $50,000 looked increasingly shaky as new support. Still, some of the most renowned analysts in the cryptocurrency industry have varied outlooks for the asset’s future price potential.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price has surged past $50,000 again
Bitcoin has broken through the psychological $50,000 barrier for the first time since Aug. 23. The bullish momentum seems to stem from a significant increase in buying pressure by institutional investors.
According to BrightScope CEO Mike Alfred, a large number of institutions acquired Bitcoin over the summer. Alfred believes these corporations will reveal their BTC holdings anytime between September 7th and November 19th, which could propel the leading cryptocurrency to higher highs. Such market behavior suggests that institutions have a firm conviction on the further upside for Bitcoin.
Source: Arcane Research
As institutional players and whales continue to buy, Bitcoin has entered the second great re-accumulation of this bull market. The current demand and supply dynamics give BTC a price target of at least $60,000 within the next two weeks.
The largest cryptocurrency saw 4.5% gains on the day, and these nonetheless were 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.
$180,000 price prediction ahead of institutional bullish
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. What is your price discovery plan? Above those Highs, 3x seems reasonable, which is around 180k. You don’t make new ath’s for 10% gains. Verge of breaking out into that last range”, Pentoshi summarized.
Source: Pentoshi Won’t DM You/Twitter
The $180,000 BTC price level is a curious prospect for many and even beats the more optimistic $135,000 minimum target created by analyst PlanB, as AZCoin News reported.
Read more:
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