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.
Related Reading: Wall Street Veteran Kickstarts Own BTC Fund With $25m Investment
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
— Peter Brandt (@PeterLBrandt) February 16, 2021
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.
What a day
👉 Microstrategy now buying up to an additional $1B Bitcoin
👉 Morgan Stanley has applied to SEC to launch a Bitcoin ETF
👉 BlackRock, the largest asset manager in the world, confirms they are getting into Bitcoin