On February 17, Bitcoin (BTC) reached a new high, surpassing $ 51,200, when it decided that trader Peter Brandt claimed a “parabolic rally”.
Bitcoin enters unknown territory worth $ 50,000
Data from Cointelegraph Markets and TradingView showed that BTC / USD broke the resistance level of $ 50,000 on Wednesday, this time continuing the journey to unknown territory.
On Tuesday, Bitcoin hit the $ 50,000 level for the first time in history, but it did not last more than a few minutes.
Upon return, it is the largest cryptocurrency in “equivalent growth” – the fourth in its twelve-year history, analysts say.
“The big picture, $ BTC Bitcoin sees its third parabola rise in a decade,” Brandt tweeted next to the marked price chart.
“Corresponding progress on an extremely rare arithmetic scale – wood on a logarithmic scale is a historical phenomenon.”
In answer to this question, Dan Heald, head of growth at Kraken, pointed out that if you go back to its first phase in 2012, there have already been four advances in the dish.
Brandt added that if the gain was broken, an 80% retracement would be the “most common” in the wake of the fall. This behavior was seen in 2018, when Bitcoin peaked at around $ 20,000 and the market fell to $ 3,100 a year later.
As the Cointelegraph reported, however, many indicators indicate that Bitcoin is far from breaking out of any upward trend, as it is at the beginning of its bullish move, not the end of it.
“$ 50,000 Bitcoin is the new standard,” CSO Blockstream Samson Moe said Wednesday.
While discussing the new price increases, others indicated that macro factors could combine to create an acceptance chain reaction that would push Bitcoin to open prices.
Documentation of Bitcoin, a popular Twitter account, added: “If you think $ 50,000 per bitcoin is too expensive, wait until you hear the government print $ 1,900,000,000,000 from nowhere.”
Meanwhile, data showed that Bitcoin has gained momentum over altcoin in recent days, as all ten of the best cryptocurrencies except Polkadot (DOT) saw price growth on the side.