Bitcoin Hits New All-Time High of $51,510 February 17, 2021 February 17, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsFebruary 17, 2021 by Kelly Cromley

Bitcoin Hits New All-Time High of $51,510

Bitcoin (BTC) recorded another all-time peak of over $51,200 on February 17 as it formed another “parabolic advance” as per crypto trader Peter Brandt.

Data provided by TradingView and CoinGecko indicates that BTC/USD breached the psychological resistance of $50,000 a few hours back. At the time of writing this article Bitcoin (BTC) was trading at $51,510.71, reflecting a gain of 5.2% in the last 24 hours.

For the first time, Bitcoin recorded $50,000 yesterday, but did not last for few minutes. With this rebound, the numero uno crypto in terms of market cap is forming a ‘parabolic advance’ pattern for the fourth time in its history going back by twelve years.

Brandt issued a tweet with necessary explanations.

The tweet had a response from Kraken growth head Dan Held. He pointed out that in case we begin counting before its foremost stage before 2012, there are in fact four parabolic advances.

Brandt further stated that in case the uptrend ends, a price correction of about 80% is a normal occurrence under bearish scenarios. The aforesaid behavior was recorded in 2018 after Bitcoin recorded an all-time high of about $20,000. A year later, the crypto market hit its lowest level when Bitcoin reached $3,100.

Multiple indicators indicate that Bitcoin rally is far from over. In fact, many analysts believe that the uptrend has just now started and is nowhere near the end of the bullish rally.
Blockstream CSO Samson Mow tweeted as follows.

With respect to fresh price highs, others pointed out that macro aspects could come together to establish a continuous adoption, leading to fresh price discovery.

Documenting Bitcoin, another well-known crypto enthusiast, tweeted:

Data, in the meantime, indicated that Bitcoin had once again taken back the momentum from altcoin rally, with all the top ten altcoins, barring Polkadot (DOT) recording sideways price movement.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.