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Bitcoin (BTC) hit new lifetime highs of more than $51,700 on Feb. 17 as it tackled what trader Peter Brandt confirms is a “parabolic advance.”
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.
“Big picture $BTC Bitcoin is undergoing its third parabolic advance in the past decade,” Brandt tweeted alongside an annotated price chart.
“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 2012, there have in fact been four parabolic advances.
Brandt added that should the advance be violated, a correction of 80% is “most common” as a bearish consequence. Such behavior was observed in 2018 after Bitcoin peaked at near $20,000 — the market bottomed out at $3,100 one year later.
As Cointelegraph reported, various indicators nonetheless suggest that Bitcoin is far from violating any uptrend, being at the start, rather than the end of its bull run.
“$50,000 #Bitcoin is the new normal,” Blockstream CSO Samson Mow declared on Wednesday.
Discussing the new price highs, others noted that macro factors could converge to create a chain reaction of adoption, which would push Bitcoin further still into price discovery.
“If you think $50,000 a bitcoin is expensive, wait until you hear that the government is about to print $1,900,000,000,000 out of thin air,” popular Twitter account Documenting Bitcoin added.
Data meanwhile showed that Bitcoin had taken the momentum out of altcoin growth with its moves over the last few days, with all of the top ten cryptocurrencies except Polkadot (DOT) seeing sideways price action.
In other trending Bitcoin News today:
Bitcoin Selling At 36% Premium In Nigeria
It’s been roughly 11 days since the Central Bank of Nigeria banned all regulated financial institutions from providing services to cryptocurrency exchanges in the country. At the risk of stiff penalties, all banks and institutions were directed to close crypto-related firms’ accounts immediately.
In the wake of the controversial move, public interest in Bitcoin (BTC) in Nigeria continues to outstrip other countries, according to the latest available data from Google Trends. Even more stark is the hefty 36% premium on Bitcoin’s price as of the time of writing, Feb. 16.
The premium translates into a $71,150 price tag per Bitcoin, as compared with the average spot market price of $51,314 calculated in Cointelegraph’s price index. The premium is also incomparable to the five next largest premiums globally at present: 3.24% in South Africa, and between 1% and 3% in Argentina, Peru, Malaysia and Vietnam.
As a Cointelegraph analysis outlined last week, the immediate impact of the central bank ban appears to have done little to quell what its author dubbed the “hyperbitcoinization” of retail trading culture in the country.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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