Bitcoin (BTC) reached a lifetime high of more than $ 51,200 on February 17th as it tackled what trader Peter Brandt confirmed as “equivalent progress.”
Bitcoin is entering uncharted territory worth $ 50,000
Data from Cointelegraph Markets and TradingView showed that the Bitcoin / USD crossed the $ 50,000 resistance level again on Wednesday, this time continuing into uncharted territory.
Tuesday saw Bitcoin reach $ 50,000 for the first time ever, yet that level failed to hold for more than a few minutes.
On its return, the largest cryptocurrency is experiencing a “parabolic” – the fourth in its twelve-year history, analysts say.
“Equivalent progress on an arithmetic scale is extremely rare – three on a logarithmic scale is historical.”
In response, Dan Heald, Kraken’s growth leader, indicated that if its initial phase was counted before 2012, there were in fact four equivalent advances.
Brandt added that if progress is violated, an 80% correction is the “most common” downside result. Such behavior was observed in 2018 after Bitcoin peaked near $ 20,000 – the market reached a low of $ 3,100 one year later.
A “new normal”?
As stated by Cointelegraph, several indicators nonetheless indicate that Bitcoin is far from violating any uptrend, being at the beginning, rather than the end of its bullish path.
When discussing new price hikes, others indicated that macro factors could converge to create a chain reaction to adoption, which could prompt Bitcoin to discover prices.
“If you think $ 50,000 in bitcoin is too expensive, wait until you hear that the government is about to print $ 1,900,000,000,000 out of nowhere,” popular Twitter account Bitcoin Documentation Added.
Meanwhile, data showed that Bitcoin has excluded momentum from altcoin growth along with its moves over the past few days, as all of the top 10 digital currencies except Polkadot (DOT) experienced sideways price action.