Bitcoin (BTC) cautiously held $48,000 on Thursday every bit excitement brewed over a boost thanks to Cathay seeing its "Lehman Brothers moment."

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

Tether executive reassures on Evergrande

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near the $48,000 mark Thursday.

While progress toward $50,000 was less decisive, analysts were broadly hopeful that a debt crunch at China's 2nd-largest existent manor programmer would provide much-needed confidence.

Evergrande Existent Estate Group (3333.HK) suspended bond trading Thursday, the latest episode in a saga that saw the giant receive multiple ratings cuts.

With $300 billion at stake, comparisons to the 2008 global financial crisis were quick to sally.

"People's republic of china'due south Lehman moment. The money press volition exist massive, I repeat MASSIVE!" PlanB, creator of the stock-to-flow family of Bitcoin price models, told Twitter followers.

"This is expert for Bitcoin."

PlanB was referring to a potential government bailout of Evergrande or the wider-reaching implications of its meltdown, which various sources warn could hit multiple sectors of the economy both within and outside Beijing's jurisdiction.

Money printing on a huge calibration by central banks previously provided the overture to Bitcoin'south dramatic run-up from lows near $three,000 in March 2022 to all-time highs of $64,500 simply over a year later.

Evergrande's stock traded at ii.63 Hong Kong dollars at the close of trading in Hong Kong Thursday, downwards from v.26 HKD at the starting time of July. At its tiptop in 2022, it traded above 30 HKD.

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

The largest United states of america dollar stablecoin issuer, Tether, meanwhile, publicly confirmed that it had no exposure to the brewing crunch.

Cautious optimism on BTC spot

Bitcoin itself showed tentative force on the day, preserving $48,000 past a hair and, with it, staying above key moving averages on the daily chart.

Related: Bitcoin bulls look to turn a profit from Friday'south $195M BTC options expiry

The cryptocurrency saw a golden cross event this week, its second since August, fuelling hopes that Q4 would in and of itself provide a bull run to a new best high.

September, with its predicted "worst case scenario" monthly shut of $43,000, should then give style to a minimum of $63,000 in Oct, PlanB previously forecast.