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Bitcoin bulls seem to cement fifty thousand USD as support and make the “new normal” for BTC/USD trading pair.
Lately, Bitcoin made a new all-time high crossing 52,500 USD as it undertook what trader Peter Brandt mentions is a “parabolic advance.”
According to data from TradingView, BTC/USD passed the 50,000 USD resistance level again on Wednesday, this time continuing into unexplored territory.
Bitcoin touched 50,000 USD level for the 1st time ever on Tuesday. Nevertheless, Bitcoin failed to hold the aforementioned level for more than a matter of minutes.
Analysts mention that with its return, the largest digital currency by market cap is in a “parabolic advance” — the 4th in its 12-year history.
Together with an annotated price chart, Brandt tweeted,
“Big picture $BTC Bitcoin is undergoing its third parabolic advance in the past decade.”
He added,
“A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic.”
Replying, Dan Held, the growth lead at Kraken, mentioned that if counting its early stage before 2012, there have been 4 parabolic advances.
Deliberating the new price highs, some analysts even mentioned that macro factors could congregate to produce a chain reaction of espousal, which would thrust Bitcoin further still into price discovery.
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