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.”
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin enters uncharted $50,000 zone
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.
“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