Bitcoin reaches new all-time high at 51,300 US dollars

Bitcoin reaches new all-time high at 51,300 US dollars: „historic“ parabolic rise

Bitcoin is climbing into new territory. The bulls are trying to establish US$50,000 as support and want to make this level the „new normal“ in the BTC/USD pair.

Bitcoin (BTC) reached a new all-time high of over US$51,200 on 17 February. Trader Peter Brandt confirmed that this was a „parabolic rise“.

Bitcoin climbs into never-before-reached US$50,000 range

Data from Cointelegraph Markets and TradingView showed that the BTC/USD pair once again surpassed resistance at US$50,000 on Wednesday, this The News Spy time pushing deeper into uncharted territory.

On Tuesday, Bitcoin had reached US$50,000 for the first time ever. However, it could not hold this level for more than a few minutes.

According to analysts, the fact that it is now climbing so high again shows that the largest cryptocurrency is in a „parabolic rise“. This is the fourth in its 12-year history.

„$BTC Bitcoin is going through its third parabolic rise in the last decade,“ Brandt tweeted, complete with annotated price chart.

„A parabolic rise on an arithmetic scale is extremely rare. Three on a logarithmic scale is historic.“

Dan Held, the head of growth at Kraken, noted that if you count the initial period before 2012, there have actually been four parabolic rises.

Brandt added that should this rise fail, a correction of 80 per cent would be the „most common“ bearish consequence. Such behaviour was seen in 2018 after Bitcoin peaked at just under US$20,000. A year later, the market bottomed at US$3,100.

A „new normal“?

As Cointelegraph reported, several indicators nevertheless suggest that Bitcoin is far from failing with its uptrend and is at the beginning rather than the end of its bull run.

„US$50,000 is the new normal for #Bitcoin,“ Blockstream CSO Samson Mow said on Wednesday.

Discussing the new highs, other people also said macro factors could come together to trigger a chain reaction in terms of acceptance. That would drive Bitcoin even further into price discovery.

„If you think US$50,000 per bitcoin is expensive, wait until you see that the government is about to pull US$1,900,000,000,000 out of thin air just like that,“ the popular Twitter account Documenting Bitcoin added.

Meanwhile, the data showed that Bitcoin’s surge in recent days has taken the momentum away from altcoins. All the top 10 cryptocurrencies, except Polkadot (DOT), are currently stagnant.