Bitcoin (BTC) hitting new lifetime highs of more than $51,200 on Feb. 17 as it tackled what trader Peter Brandt confirms is a "parabolic advance."

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin enters uncharted $l,000 zone

Data from Cointelegraph Markets and TradingView showed BTC/USD passing the $50,000 resistance level once again on Wednesday, this time continuing into uncharted territory.

Tuesday had seen Bitcoin hitting $50,000 for the first time always, that level withal declining to hold for more than a affair of minutes.

With its render, the largest cryptocurrency is in a "parabolic advance" — the fourth in its twelve-year history, analysts say.

"Big motion-picture show $BTC Bitcoin is undergoing its third parabolic accelerate in the past decade," Brandt tweeted alongside an annotated price chart.

"A parabolic accelerate on an arithmetic calibration is extremely rare - three on a log scale is historic."

Responding, Kraken growth pb Dan Held noted that if counting its initial stage prior to 2012, there accept in fact been four parabolic advances.

Brandt added that should the advance be violated, a correction of lxxx% is "nigh common" as a surly issue. Such behavior was observed in 2018 subsequently Bitcoin peaked at most $20,000 — the market bottomed out at $3,100 i twelvemonth after.

BTC/USD parabolic advances nautical chart. Source: Peter Brandt/ Twitter

A "new normal"?

Every bit Cointelegraph reported, various indicators yet suggest that Bitcoin is far from violating any uptrend, existence at the get-go, rather than the terminate 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 all the same into price discovery.

"If you think $fifty,000 a bitcoin is expensive, wait until you hear that the government is about to print $1,900,000,000,000 out of sparse air," pop Twitter business relationship Documenting Bitcoin added.

Data meanwhile showed that Bitcoin had taken the momentum out of altcoin growth with its moves over the terminal few days, with all of the tiptop ten cryptocurrencies except Polkadot (DOT) seeing sideways cost activity.