Bitcoin (BTC) recorded another all-time peak of over $51,200 on February 17 as it formed another “parabolic advance” as per crypto trader Peter Brandt.
Data provided by TradingView and CoinGecko indicates that BTC/USD breached the psychological resistance of $50,000 a few hours back. At the time of writing this article Bitcoin (BTC) was trading at $51,510.71, reflecting a gain of 5.2% in the last 24 hours.
For the first time, Bitcoin recorded $50,000 yesterday, but did not last for few minutes. With this rebound, the numero uno crypto in terms of market cap is forming a ‘parabolic advance’ pattern for the fourth time in its history going back by twelve years.
Brandt issued a tweet with necessary explanations.
Big picture $BTC
Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic pic.twitter.com/fyyM5Ws6N5— Peter Brandt (@PeterLBrandt) February 16, 2021
The tweet had a response from Kraken growth head Dan Held. He pointed out that in case we begin counting before its foremost stage before 2012, there are in fact four parabolic advances.
Brandt further stated that in case the uptrend ends, a price correction of about 80% is a normal occurrence under bearish scenarios. The aforesaid behavior was recorded in 2018 after Bitcoin recorded an all-time high of about $20,000. A year later, the crypto market hit its lowest level when Bitcoin reached $3,100.
Multiple indicators indicate that Bitcoin rally is far from over. In fact, many analysts believe that the uptrend has just now started and is nowhere near the end of the bullish rally.
Blockstream CSO Samson Mow tweeted as follows.
$50,000 #Bitcoin is the new normal.
— Samson Mow (@Excellion) February 17, 2021
With respect to fresh price highs, others pointed out that macro aspects could come together to establish a continuous adoption, leading to fresh price discovery.
Documenting Bitcoin, another well-known crypto enthusiast, tweeted:
If you think $50,000 a bitcoin is expensive, wait until you hear that the government is about to print $1,900,000,000,000 out of thin air.
— Documenting Bitcoin 📄 (@DocumentingBTC) February 16, 2021
Data, in the meantime, indicated that Bitcoin had once again taken back the momentum from altcoin rally, with all the top ten altcoins, barring Polkadot (DOT) recording sideways price movement.
