Bitcoin Blasts Through $52,000: Here Are Analysts’ Takeouts
Bitcoin just shot through $52,000 despite weakness in the altcoin market over the past day. The cryptocurrency is up 7.5% in the past 24 hours, outperforming a majority of other large-cap altcoins as the spotlight focuses back on BTC.
This rally in the Bitcoin price comes on the back of strong institutional support for the leading cryptocurrency.
Bitcoin Shoots Higher: Here’s What Analysts Are Saying
Long-time technical analyst Peter Brandt says that Bitcoin is in the midst of a longer-term parabolic advance, potentially meaning there is upside from here.
Commenting on the chart seen below, Brandt, who has been a trader in the futures markets for decades, said:
“Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic.”
Big picture $BTC Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic pic.twitter.com/fyyM5Ws6N5
Bitcoin is also likely to benefit from fundamental trends, too.
Charles Edwards, a crypto-asset investor and analyst, recently said that today has been a serious day for the fundamentals of BTC. Positive fundamental events include:
“MicroStrategy may be buying $900 million worth of BTC, pending the sale of corporate bonds to qualified institutional buyers.
BlackRock has announced that it has started to dabble in BTC, confirming sentiment that has been floating about over the past few weeks.
Digital asset firms have begun to file for Bitcoin ETFs once again.”
