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.