BTC Could Close the Week Above $50K; ETH Stages Major Uptick

Bitcoin staged a major rally on Wednesday night, soaring from a swing low of $46,533 to hit highs above $49,678. The BTC/USD pair accelerated higher into a positive zone after forming a strong support base in the $46,500 zone. The night of bullish action sparked speculations that the king coin could mount a renewed attack on $50K. 

Despite predictions to the contrary, the number 1 cryptocurrency is so far seeing an incredible start to September. Market participants are excited about the prospects of a fresh battle for all-time highs. Crypto analyst Pentoshi suggests that a break above $50K could open the door for a rally toward $58-$60k.

Respected trader Rekt Capital struck a similar tune, tweeting that BTC has enjoyed a spectacular start to September. The remarkable rally in crypto markets during the first two days of the month has contrasted sharply with the historical lackluster price action seen during this period.

According to Mike Alfred, the CEO at BrightScope, BTC enthusiasts can look forward to an even more intriguing week ahead. He noted that multiple giant institutions that acquired BTC during the summer are set to announce their purchases starting from September 7, sparking ‘fireworks’ in the market.

BTC on Track for $250K, Says the Billionaire Investor

The new month has turned out to be anything but boring as BTC prices flirt with $50K once again. The uptick saw short traders lose massively on Thursday, losing approximately $450M in daily liquidations. 

The bulls’ latest attempt to reclaim higher levels excited billionaire Tim Draper, who has bet big on BTC since 2011. The investor first predicted that Bitcoin would hit a price of $250K in 2018. Back then, the coin was worth $10K.

Draper recently doubled down on his earlier prediction on Benzinga’s Crypto Festival. He explained that growing trends such as mounting retail adoption and rising inflation rates would drive BTC as high as $250,000 in 2022. 

Draper first bought $250K worth of BTC in 2011, which he, unfortunately, lost during the infamous Mt. Gox exchange hack. Nonetheless, the investor acquired some more coins, which he holds to this day. During the Benzinga interview, Draper remained adamant that he would hold the flagship coin for the long haul due to its self-induced scarcity.

“Why would I want to sell the future currency for the past currency? I just can’t imagine anything more important for humanity than this.”

ETH and ADA Log Serious Gains

ETH extended its rally above the $3,500 pivot level on Thursday. The top altcoin managed to outperform BTC on the day with gains of over 7%. This saw it embark on a strong uptrend above $3,800.

Bitcoin live price
price change

Meanwhile, Cardano (ADA), often hailed as the Ethereum killer, benefitted from the Alonzo testnet to hit a new lifetime high above $3.

Stay up to date with our latest articles