Bitcoin just shot through $ 52,000 despite the weak altcoin market last day. The cryptocurrency is up 7.5% in the past 24 hours, outperforming most other large-cap altcoins as the focus is back on BTC.
This rally in Bitcoin price comes from the strong institutional support of the leading cryptocurrency.
Related Reading: Wall Street Veteran Kickstart’s own BTC fund with a $ 25 million investment
Bitcoin shoots higher: that’s what analysts say
Longtime technical analyst Peter Brandt says Bitcoin is in the middle of a longer-term parabolic advance, which may mean there is an upward trend from here.
Brandt, who has been a trader in the futures markets for decades, commented on the graphic below as follows:
“Bitcoin is making its third parabolic advance in the last decade. Parabolic progress on an arithmetic scale is extremely rare – three on a logarithmic scale is historic. “
Total image $ BTC
Bitcoin is making its third parabolic advance in the last decade. Parabolic advancement on an arithmetic scale is extremely rare – three on a logarithmic scale is historic pic.twitter.com/fyyM5Ws6N5
– Peter Brandt (@PeterLBrandt), February 16, 2021
Bitcoin should also benefit from fundamental trends.
Charles Edwards, a crypto-assets investor and analyst, recently said that today has been a serious day for the basics of BTC. Positive fundamental events are:
- MicroStrategy may purchase $ 900 million worth of BTC until corporate bonds are sold to qualified institutional buyers.
- BlackRock has announced it is looking into BTC, which confirms the sentiment that has been floating around for the past few weeks.
- Digital asset companies have started applying for Bitcoin ETFs again.
What a day
👉 Microstrategy is now buying up to an additional USD 1 billion in Bitcoin
Morgan Stanley has filed with the SEC to set up a Bitcoin ETF
👉 BlackRock, the world’s largest asset manager, confirms it’s getting into Bitcoin
– Charles Edwards (@caprioleio) February 17, 2021
Related Topics: 3 Bitcoin On Chain Trends Show A Macro Bull Market Is Brewing
Featured Image from TradingView.com’s Unsplash Chart Price Tags: xbtusd, btcusd, btcusdt Bitcoin Shoots Through $ 52,000: Here’s What Analysts Are Saying
