The crypto systems are up and running and bulls are forging forward with the $50,000 position acting as the support, making it the new normal for the BTC/USD. On Feb. 17, Bitcoin (BTC) hit its lifetime high of more than $51,000, treading on what Peter Brandt, a trader, called a parabolic advance. Reviewing the one-hour candle chart from TradingView reveals that on Feb. 17 BTC went above the $51,000 mark, an unexpected high point that creates a new normal for the token.
Bitcoin Now Treading on Uncharted Waters with the $50,000 Breakthrough
Wednesday’s trading data from TradingView revealed that BTC went beyond the set resistance point of $50,000. The token has now stamped onto an unexplored territory and it is bound to excel on this new ground.
On Tuesday BTC touched the $50,000 mark for the first time since its conception, but did not hold onto this position for more than a few minutes.
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
BTC is writing both Arithmetic and Crypto History
The move on Wednesday to surpass the resistance level brought in the aspect of BTC being in a parabolic advance. Analysts note that this move is the fourth in its twelve-year history.
Brandt tweeted that in this decade, this is BTC’s third parabolic advance and presented an annotated price chart in his tweet to help reveal this advancement. Analysts note that on an arithmetic scale, a parabolic advance is exceptionally rare, and having three present themselves on a log scale is a historic development.
Kraken growth lead Dan Held responded to these speculations by noting that if the phase before 2012 is taken into account, then the parabolic advances now become four.
Brandt warned that if this advance is violated, it is common that a bearish consequence commences. With the consequence comes a correction of 80%. Such an episode transpired in 2018 when BTC got close to $20,000; however, a year later the market had corrected to $3,100.
Has BTC Fortified itself above $50,000?
Various crypto news outlets have been giving insight on BTC and various indicators it covers reveal that this uptrend is far from getting violated. This goes to show that for BTC, this is just the start of its bull run.
$50,000 #Bitcoin is the new normal.
— Samson Mow (@Excellion) February 17, 2021
On Wednesday, Samson Mow, the CSO for Blockstream declared that Bitcoin is no its new normal of $50,000. As other discussed these new heights for BTC, the noted that macro factors could come together and come up with appositive chain reaction of adoption. Such a move would push BTC into unexplored prices.
Image courtesy of pixabay