Bitcoin Traversed $50K Barrier after Returning in Two Weeks

Bitcoin Traversed $50K Barrier after Returning in Two Weeks

On Friday, September 3, Bitcoin returned to the $50K barrier for the first time in two weeks. Now, the recent bull run stirred a $180K price prediction.

The world’s largest cryptocurrency jumped 0.34% to $49,555.17 with a 24-hour change of $169.79.

Currently, Bitcoin has a market capitalization of $931.86 billion. Also, it has a 24-hour volume of $1.16 billion with a low of $48,356 and a high of $50,374.97.

An analyst stated that Bitcoin’s break above the $50K level will follow a high within the range of $58,000 to $60,000. Also, the 200-day moving average will act as a support.

He added that there is a possibility that Bitcoin will reach a reasonable triple high which is around $180,000.

For many investors and analysts, a $180K Bitcoin price is a curious prospect.  This estimate even beats the much more optimistic minimum target of $135,000 at the end of this year.

Another analyst commented that after the stressful August, September has been a fantastic month for the crypto market so far.

According to reports, the first two days of this month heavily contrasted the historical norms for September. 

Based on previous data, the ninth month of every year has always been a dull month for the crypto market. This correlates to the well-known “September Effect” within the stock market.

According to a recent analysis, the so-called September Effect is caused by investors taking their eyes off the market for summer vacation.

However, due to the coronavirus pandemic which made lockdowns and border restrictions worldwide, vacations and travels were lessened.

Therefore, accounting for the reversal of this year’s September against historical data for the crypto market so far.

Ethereum Still Rallying as Bitcoin Returns

Furthermore, Ethereum, which is the second-largest cryptocurrency next to Bitcoin, is still rallying its price.

ETH increased 1.80% to $3,814.41 with a 24-hour change of $67.43. Currently, it has a market capitalization of $447.01 billion.

Additionally, it has a 24-hour volume of $1.08 billion with a low of $3,713 and a high of $3,834.

An analyst stated that the recent bullish price action of both Ethereum and Bitcoin happened without significant variations of the subsidizing rates for derivatives.

He added that retail investors seem to be the ones in control of the ETH/USD pair.

Based on his analysis, these investors jumped into Ethereum due to the positive catalyst phenomenon in the non-fungible token sector.

Also, the update of the EIP-1559 and the persistent buying of the calls in huge blocks added to the reasons.

However, due to the digital asset’s increased volatility, the fast spike in price could also mean a sharp reversal in the future.

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