Bitcoin has hit a lifetime high of around $51,200 on the 17th of February as it became an antithesis to the parabolic advance of Peter Brandt.
Bitcoin Enters Uncharted $50,000 Zone
Cointelegraph Markets provided data that showed that the value of BTC went above the resistance level of $50,000 on Wednesday. On Tuesday, Bitcoin touched $50,000 for its very time although it couldn’t hold on to that for more than a couple of minutes. With the return of the resistance level, this cryptocurrency has stepped into something called a ‘parabolic advance’. In a tweet, Brandt mentioned that the cryptocurrency would be reaching its third advance under the parabolic range in the last 10 years.
Dan Held, the lead of Kraken mentioned that there have actually been four advances of such nature if 2012 is taken under consideration. According to Peter Brandt, this parabolic advance needs to be violated- with a correction of 80% being nothing but a mere bearish consequence. This behavior was last observed a couple of years when the price of Bitcoin reached a level of $20,000.
According to various reports from Cointelegraph, there have been quite a few indicators that have suggested that this cryptocurrency is not close to violating any recent trend. In fact, Bitcoin would be better suited to break these trends when it is at the end of its run- not at the beginning. Samson Mow, the CSO of Blockstream mentioned that $50,000 was the new normal.
In an ironic tweet, the popular account Documenting Bitcoin stated that there was no reason why anyone should expect this cryptocurrency to be expensive when the American government was on the verge of printing around $1,900,000,000,000.
