Bitcoin To Rally More In September As Institutions Report BTC Purchases?
Bitcoin (BTC) latest jump has not made it easy for traders to predict the next move, as $50,000 looks increasingly shaky as new support.
September off to a promising start
BTC/USD broke $50,000 barrier after returning to it for the first time in almost two weeks. The largest cryptocurrency saw nearly 5% gains on the daily chart.
Against a largely positive background, traders were seemingly bullish on Bitcoin’s prospects, which is understandable.
A prominent crypto trader, known in the industry as Pentoshi, predicted BTC to be ready to go to $180,000, assuming it could break $58,000-$60,000 levels first.
“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 go make new ath’s for 10% gains. Verge of breaking out into that last range.”
Pentoshi’s $180,000 Bitcoin price target interesting, and is even more optimistic than stock-to-flow creator PlanB’s $100,000 year end target for 2021, as his model suggests.
A trader known as Rekt Capital was already positive about September, just two days into the month:
September has been a spectacular month for Crypto thus far#BTC$ETH$ADA
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.
Mike Alfred, founding CEO at BrightScope & Digital Assets Data, pointed out the bitcoin purchases made by large institutions, and perhaps more importantly when they will announce the holdings in the coming weeks.
“A lot of large and important institutions bought bitcoin over the summer. They will announce their purchases between September 7 and November 19. Enjoy the fireworks.”
A lot of large and important institutions bought #bitcoin over the summer. They will announce their purchases between September 7 and November 19. Enjoy the fireworks.
Cardano’s ADA token and Ether (ETH) were taking a break from bullish surges of their own at the time of writing.
ADA/USD had hit new all-time highs earlier in the day, while ETH/USD neared $3,800 — its highest level since May. ETH is currently trading at $3,780 level.
Polkadot’s DOT could be the next altcoin to see a big rally?
