With Evergrande forming a “Lehman Brothers Moment” for China, BTC holds USD 48,000

Bitcoin (Bitcoin) It was cautious to hold US$48,000 on Thursday, as China saw the “Lehman Brothers Moment”, which boosted sentiment.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Tether executives assured Evergrande

Data from Cointelegraph Markets Pro with Transaction view The BTC/USD trading price on Thursday was close to the 48,000 USD mark.

Although the progress towards $50,000 is Not so decisive, Analysts generally hope that the debt crisis of China’s second largest real estate developer will provide much-needed confidence.

Evergrande Real Estate Group (3333.HK) suspended bond trading on Thursday, which is the latest episode in the legend of the giant’s multiple downgrades.

There is a risk of 300 billion US dollars, and a comparison with the 2008 global financial crisis will soon appear.

“China’s Lehman moment. Money printing will be large-scale, and I’ll say it again on a large scale!” PlanB, the creator of the stock-to-flow series of the Bitcoin price model, Tell Twitter fans.

“This is good for Bitcoin.”

PlanB refers to a potential government bailout to Evergrande or the broader impact of its collapse, and various sources warn that this could hit multiple economic sectors within and outside Beijing’s jurisdiction.

Previously, the central bank’s large-scale printing of money provided a prelude to Bitcoin’s dramatic rise from a low of nearly $3,000 in March 2020 to a historical high of $64,500 more than a year later.

Evergrande’s share price closed at HK$2.63 in Hong Kong on Thursday, down from HK$5.26 in early July. At its peak in 2017, its transaction price exceeded 30 Hong Kong dollars.

3333.HK/USD 1-day candlestick chart. Source: TradingView

At the same time, Tether, the largest US dollar stablecoin issuer, made public comfirmed It is not exposed to a brewing crisis.

Cautiously optimistic about BTC spot

Bitcoin itself showed tentative strength on the day, barely holding $48,000 and thus staying above the key moving average on the daily chart.

related: Bitcoin bulls hope to profit from expiration of $195 million BTC option on Friday

Cryptocurrency saw Golden cross This week’s event is the second time since August, which inspires hope that the fourth quarter itself will provide a bull market to a record high.

In September, its predicted “worst case” monthly closing price was 43,000 US dollars, and then it should give way to the October minimum of 63,000 US dollars. Previously, PlanB forecast.