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Market Musings

Bitcoin Nears $52,000 as 'Extremely Rare' Parabolic Advance Continues

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Published on:
February 17, 2021

One crypto executive has confidently declared that "$50,000 Bitcoin is the new normal."

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Bitcoin is in uncharted waters once again after hitting highs of $51,704.69 — a stark contrast to Tuesday’s trading, where it only managed to surpass $50,000 for a few minutes.

 

Veteran trader Peter Brandt has said the world’s biggest cryptocurrency is now undergoing its third parabolic advance in the space of a decade — describing this as “extremely rare.”

 

The surge comes after MicroStrategy announced it is raising a further $600 million in debt so it can buy more Bitcoin, and speculation is growing that the publicly listed firm may have timed this announcement to help BTC break through this threshold.

 

Other promising news came from a Gartner survey that suggests 5% of chief financial officers intend for their companies to invest in BTC as a reserve asset this year. This figure rises to 11% by 2024. Although this indicates that we will see more corporations follow in the footsteps of MicroStrategy and Tesla, some may be concerned this number is very low.

 

Crypto enthusiasts were very early to declare that there’s no turning back for Bitcoin now. Barely an hour after this latest psychological milestone was hit, Blockstream CSO Samson Mow declared “$50,000 Bitcoin is the new normal” — and said $100,000 would come “soon.”

 

There are also concerns that this price level might not be sustainable, especially if Bitcoin fulfills the narrative of being correlated to gold. The precious metal has taken a tumble in recent days because of rising bond yields in the U.S., fueling fears that BTC could do the same.

 

Overall, there’s a lot of euphoria on Crypto Twitter following the latest milestone… and some tongue-in-cheek predictions too. Lolli’s head of communications Audrey Strobel tweeted:

“My Bitcoin price target is $238,855. I arrived at this price target by googling the distance between the Earth and the moon and converting it from miles to dollars.”

 

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