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Bitcoin Traders Set Sight on $50,000 BTC Price as Altcoins Boom

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Sat, 9/12/2023 - 13:22
Bitcoin Traders Set Sight on $50,000 BTC Price as Altcoins Boom
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Bitcoin, the first and largest cryptocurrency by market capitalization, hovered between $43,750 and $44,384 in early Saturday trading.

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BTC had reached highs of $44,754 the day before after a stronger-than-expected U.S. jobs report lowered interest rate prospects for next year before the momentum slightly waned.

Bitcoin has risen more than 60% since the middle of October, when speculations about Bitcoin spot ETF approval first emerged.

The leading cryptocurrency was trading up 0.76% in the previous 24 hours to $43,825 as investors digested its quick surge to near $45,000 this week after breaking out from $38,000 a week ago.

Despite a slight pause in BTC's momentum, traders still seem to set sights on the $50,000 price mark.

TradingView
BTC/USD daily chart, courtesy: TradingView

According to Bloomberg, options traders have been piling up bets on Bitcoin reaching $50,000 by January, when many market analysts expect the SEC to finally allow exchange-traded funds to hold the cryptocurrency directly.

In this sense, market observers anticipate that the current upswing will continue, with Bitcoin heading toward $50,000, where options strikes are clustering.

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Bitcoin (BTC) Price Comes Awfully Close to $40,000, Shorts Getting Hammered

Meanwhile, the steady Bitcoin (BTC) price has fueled capital flight to altcoins. Cardano, the eighth largest cryptocurrency by market capitalization, has risen as much as 24%, while Polkadot gained about 20%, and Avalanche is up about 22%.

On the upside, the key resistance level for BTC is $47,360. Analysts believe that if this resistance level until $52,000 is broken, Bitcoin might reach new all-time highs.

On the other hand, crypto analyst Willy Woo sees a Bitcoin CME price gap between $39,000 and $41,000, which could indicate that Bitcoin might retest these levels in the event of a price drop.

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