Bitcoin hits new all-time highs
17 Feb 2021
Bitcoin has hit new record highs exceeding $51,300 at the time of writing on Wednesday.
The fresh highs have been described by trader, Peter Brandt as a “parabolic advance.”
According to data from Cointelegraph Markets and TradingView, BTC/USD surpassed the $50,000 resistance level once again on Wednesday, this time around moving into uncharted territory.
Earlier this week, on Tuesday, Bitcoin – the world’s largest cryptocurrency by market capitalisation – hit $50,000 for the first time ever.
As such, according to analysts, Bitcoin is now in a "parabolic advance" — the fourth in its 12-year history.
Brandt said on Twitter: "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,” he added.
As reported by Cointelegraph, several indicators show that Bitcoin is at the start of its bull run.
Blockstream CSO Samson Mow said on Wednesday: "$50,000 #Bitcoin is the new normal.”
Other analysts noted that macro factors could come together to create a chain reaction of adoption, which would drive Bitcoin further into price discovery.
According to Twitter account, Documenting Bitcoin: "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.”
Moreover, deVere CEO and founder Nigel Green said earlier this week: “With the growing institutional demand combined with ultra-low interest rates, we can expect Bitcoin – which has already given a 55% return so far year to date after the 300% gain in 2020 - to reach new highs in this first quarter of 2021.
“Institutional investors are increasingly appreciating that in this tech-driven, ultra low interest rate, low growth world, and where there’s diminished trust in traditional currencies, digital and borderless cryptocurrencies maybe becoming a better fit.
“We can expect the price of Bitcoin to surge to fresh highs as a result,” he added.
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