Bitcoin hits a new high of $51.3K as analyst declares historic parabolic advance
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 64% | 76 | $61 260.18 | -3.02% | -0.54% | $1 154 847 886 762 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 69.6% | 57 | $4 024.37 | -3.05% | 4.78% | $475 029 097 178 |  |
|
| 3 |  BNB |
Binance Coin predictions | 68.8% | 60 | $481.66 | 0.28% | 1.80% | $80 341 547 819 |  |
|
| 4 |  ADA |
Cardano predictions | 91.2% | 12 | $2.16 | -1.14% | -2.37% | $70 995 337 627 |  |
|
| 5 |  USDT |
Tether predictions | 91.2% | 1 | $1.000149 | 0% | 0.08% | $69 584 487 051 |  |
|
| 6 |  SOL |
Solana predictions | 71.6% | 54 | $202.97 | 1.04% | 28.02% | $61 059 730 630 |  |
|
| 7 |  XRP |
XRP predictions | 71.2% | 50 | $1.093272 | -1.25% | -3.76% | $51 325 127 678 |  |
|
| 8 |  DOT |
Polkadot predictions | 65.2% | 79 | $44.49 | -0.97% | 2.43% | $43 937 978 522 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 72.8% | 56 | $0.246292 | 0.45% | 4.22% | $32 461 382 763 |  |
|
| 10 |  USDC |
USD Coin predictions | 91.6% | 1 | $1.000400 | 0.05% | 0.08% | $32 427 441 530 |  |
|
| 11 |  LUNA |
Terra predictions | 67.6% | 65 | $42.91 | 3.36% | 16.19% | $17 231 391 175 |  |
|
| 12 |  UNI |
UniSwap predictions | 74% | 47 | $25.71 | -3.55% | -0.58% | $15 728 216 583 |  |
|
| 13 |  AVAX |
Avalanche predictions | 66% | 65 | $67.18 | 4.25% | 18.98% | $14 799 377 874 |  |
|
| 14 |  WBTC |
Wrapped Bitcoin predictions | 62.4% | 75 | $61 271.65 | -3.09% | -0.48% | $13 546 735 109 |  |
|
| 15 |  LINK |
Chainlink predictions | 75.2% | 50 | $28.91 | -1.77% | 6.80% | $13 326 500 471 |  |
