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Bitcoin hits a new high of $51.3K as analyst declares historic parabolic advance


17 Feb 2021

#Bitcoin

It's all systems go for Bitcoin as bulls look to cement $50,000 as support and create the "new normal" for BTC/USD. Bitcoin (BTC) hit new lifetime highs of more than $51,200 on Feb. 17 as it tackled what trader Peter Brandt confirms is a “parabolic advance.” 

Data from Cointelegraph Markets and TradingView showed BTC/USD passing the $50,000 resistance level again on Wednesday, this time continuing into uncharted territory. Tuesday had seen Bitcoin hit $50,000 for the first time ever, that level nonetheless failing to hold for more than a matter of minutes. With its return, the largest cryptocurrency is in a "parabolic advance" — the fourth in its twelve-year history, analysts say.

"Big picture $BTC Bitcoin is undergoing its third parabolic advance in the past decade," Brandt tweeted alongside an annotated price chart. "A parabolic advance on an arithmetic scale is extremely rare - three on a log scale is historic."

Responding, Kraken growth lead Dan Held noted that if counting its initial phase prior to 2012, there have in fact been four parabolic advances. Brandt added that should the advance be violated, a correction of 80% is "most common" as a bearish consequence. Such behavior was observed in 2018 after Bitcoin peaked at near $20,000 — the market bottomed out at $3,100 one year later.

A "new normal"?


As Cointelegraph reported, various indicators nonetheless suggest that Bitcoin is far from violating any uptrend, being at the start, rather than the end of its bull run. "$50,000 #Bitcoin is the new normal," Blockstream CSO Samson Mow declared on Wednesday. Discussing the new price highs, others noted that macro factors could converge to create a chain reaction of adoption, which would push Bitcoin further still into price discovery.

"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," popular Twitter account Documenting Bitcoin added.

Data meanwhile showed that Bitcoin had taken the momentum out of altcoin growth with its moves over the last few days, with all of the top ten cryptocurrencies except Polkadot (DOT) seeing sideways price action.

Source


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 76.4% 45 $16 944.21 -0.17% 2.42% $325 736 924 893 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 75.6% 50 $1 254.57 -1.43% 3.44% $153 527 150 828 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000139 0.01% 0.06% $65 505 304 169 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 70% 55 $288.80 -0.84% -7.63% $46 199 434 916 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $0.999985 -0.01% -0.02% $43 335 041 218 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $1.000060 -0.04% 0.03% $22 153 508 283 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 76.4% 44 $0.388646 -1.37% -3.85% $19 533 505 869 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 65.2% 79 $0.102717 1.39% -0.50% $13 627 483 949 DOGE 7 days price change
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10 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64.4% 69 $0.909708 -1.60% 6.22% $7 945 674 649 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 71.2% 56 $5.52 -1.05% 2.48% $6 303 019 314 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 93.2% 1 $0.999449 -0.07% -0.05% $5 684 309 423 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 60.8% 77 $76.05 -1.02% -1.30% $5 457 208 638 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 71.6% 50 $0.053415 -1.25% 0.17% $5 431 033 047 WTRX 7 days price change

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