BTC could close the week above $ 50K; ETH Stages major rally

Bitcoin made a big rally on Wednesday night, going from a low of $ 46,533 to highs above $ 49,678. BTC / USD pair accelerated towards a positive zone after forming a solid support base at the $ 46,500 zone. night of bullish action sparked speculation that the king coin could mount a new attack at $ 50K before the end of the week.

Despite predictions to the contrary, the # 1 cryptocurrency is making an incredible start in September so far. Market participants are excited about the prospects for a new battle for all-time highs. Cryptanalyst Pentoshi suggests that a break above $ 50K could open the door for a rally towards $ 58- $ 60k.

Respected trader Rekt Capital played a similar tune, tweeting that BTC has enjoyed a spectacular start to September. notable rally in crypto markets during the first two days of the month has been in stark contrast to the historic lackluster price action during this period.

According to Mike Alfred, CEO of BrightScope, BTC enthusiasts can look forward to an even more intriguing week ahead. He pointed out that several giant institutions that acquired BTC during the summer will announce their purchases starting on September 7, which will set off “fireworks” in the market.

BTC on its way to $ 250K, says billionaire investor

new month has turned out to be anything but boring, as BTC prices flirt with $ 50K once again. rally caused short traders to lose massively on Thursday, losing roughly $ 450 million in daily settlements.

bulls’ latest attempt to regain higher levels thrilled billionaire Tim Draper, who has bet heavily on BTC since 2011. investor first predicted that Bitcoin would hit a price of $ 250K in 2018 when the coin was worth $ 10K.

Draper recently doubled down on his previous prediction about Benzinga Crypto Festival. He explained that growing trends such as growing retail adoption and rising inflation rates would propel BTC up to $ 250,000 in 2022.

Draper first bought $ 250K worth of BTC in 2011, which he unfortunately lost during the infamous Mt. Gox trading stunt. However, the investor acquired a few more coins, which he maintains to this day. During Benzinga’s interview, Draper was adamant that he would keep the flagship coin long-term due to its self-induced scarcity.

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

Serious gains from ETH and ADA records

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

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

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