Bitcoin has reached its highest price in history at $51,300. After pulling in gains and recording new highs over the past week, the leading crypto asset finally crossed $51,000 on the 17th of February.
In a tweet, Peter Brandt said that Bitcoin is in its third parabolic advance in 10 years. He added:
“A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic.”
In response to Brandt’s tweet, Kraken growth lead Dan Held said that Bitcoin is actually in its fourth parabolic advance considering the initial phase before 2012.
Speaking further, Brandt said that Bitcoin may decline up to 80% if the advance is violated. Before now, the king coin corrected from almost $20,000 to $3,100 over twelve months in 2018.
Since Bitcoin soared to $50,000, many believe that the digital asset would maintain the milestone. The founder of Winklevoss Capital Management, Tyler Winklevoss, noted that BTC at $50,000 is “about to become the new normal.”
Since the beginning of January, BTC has spiked about 74%, and there are indications for further growth. At press time, Bitcoin is up 6.33% to $51,413.78. With a market cap of over $957 billion, the digital currency has gained 7.11% to more than $76 billion in its 24-hour trading volume.
Image Credits: Pixabay
