Bitcoin (BTC) flirts with $50K as analyst makes $200K prediction and traders turn greedy

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  • Bitcoin has touched $50K for the first time since early September as the asset experiences increased institutional demand.
  • Analyst Lark Davis says Bitcoin to reach as high as $200K and boost altcoins higher.

After nearly a month, Bitcoin (BTC) has finally touched $50,000. Already, the Crypto Fear and Greed Index shows that investors have turned greedy. This signifies a change in sentiment among traders who since Bitcoin’s plummet to $29,000 lows have stayed cautiously away from the market as indicated by the drastic drop in daily trading volume in recent months.

At the time of press, BTC is exchanging for $49,800 after a slight dip following the $50,000 milestone. According to our data, the top crypto has added nearly 5 percent in the last 24 hours, pushing its weekly gains to 20 percent. Its rise has inspired a wider market rally that has seen the total market cap reach $2.17 trillion.

As CNF reported, the recent Bitcoin resurgence has been inspired by the re-entry of institutional investors. After weeks of declines in Bitcoin investment products, recent data shows that investors are backing Bitcoin once again

Read More: Institutional investors shift back to Bitcoin investment products amidst mixed appetite for altcoins

Lark Davis makes a $200K BTC prediction

For weeks, market analysts led by the likes of PlanB and Lark Davis have been making bold price predictions for Bitcoin in Q4. PlanB, the Stock to Flow model creator, sees BTC ending the month above $63K and going on to end the year above $100K.

Lark Davis, on his part, has supported this prediction. Writing on Twitter, the crypto analyst noted that he sees Bitcoin reaching between $180K and $200K in Q4 or early 2022. The analyst has further backed altcoins to enjoy massive gains by riding the Bitcoin bull wave. Already, Bitcoin is posting positive signs with investors closely watching the $50K position and whether the asset can sustain this.

For the most part, Bitcoin seems to have weathered the storm which began with China clamping down on Bitcoin mining and ended with a total ban of crypto transactions in the country. Recent data has shown that Chinese investors have shifted to decentralized exchanges where they continue to accumulate.

The Bitcoin hash rate, once affected by the mining ban has also almost completely recovered with miners resettling in other parts of the world. In fact, as most influential persons including CIA whistleblower Edward Snowden note, the China ban has turned out to be a good thing for Bitcoin.

Read More: Edward Snowden reiterates support for Bitcoin, says China ban made it stronger