Bitcoin also broke 51 thousand dollars!

Bitcoin (BTC) rose to its all-time high of $ 51,734 on February 17th.

Bitcoin Price Index: 1 Bitcoin How Many TL? (BTC TL)

1-hour candlestick chart (Bitstamp) of the BTC / USD pair. Source: TradingView

Bitcoin exploration in the $ 50k region

According to Cointelegraph Markets and TradingView data, the BTC / USD pair started price discovery by breaking the $ 50K resistance again on Wednesday.

Bitcoin exceeded $ 50,000 for the first time on Tuesday, but could not hold on to this level.

With this rise, Bitcoin started its “parabolic upswing” according to analysts, and this is the fourth time in the twelve-year history of the cryptocurrency.

“Looking at the big picture, BTC is making its third parabolic rise in the last decade,” said renowned investor Peter Brandt. he stated alongside an annotated price chart.

“An arithmetical parabolic rise is extremely rare.”

On the other hand, Kraken Development Leader Dan Held said that if the first phase before 2012 is also taken into account, there has actually been four parabolic rises.

Brandt warned that if this rise is interrupted, an 80 percent correction could be experienced. This kind of situation was observed in 2018. Bitcoin, which peaked at $ 20,000, declined to $ 3,100 a year later.

Parabolic bullish chart of the BTC / USD pair. Source: Peter Brandt / Twitter

Is this the “new normal”?

On the other hand, various indicators point out that Bitcoin’s uptrend is far from being interrupted, on the contrary, the bull market has just started.

Blockstream CSO Samson Mow, “The new normal $ 50k for Bitcoin” he explained.

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