Price Analysis

Bitcoin Price Rockets above $50k, BTC/USD Bulls Target $60k

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2 weeks ago

February 17, 2021

Dalmas

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The Bitcoin price is on a rampage.

A few days after retesting $49k, the coin is now at a new all-time high above $51k, nearly triple peaks of 2017 highs when bulls are going for the jugular.

As of writing on Feb 17, the world’s most valuable coin is changing hands above $51.3k, adding four percent on the last trading day.

Notably, the path of least resistance is northwards. Bitcoin traders appear to be loading the dips with loftier targets above $60k.

The pump to spot levels is from a diverse range of favorable fundamentals and bulls’ resilience.

Accordingly, the main propellant (participation or trading volumes) increases with rising prices suggesting more demand in a possible FOMO.

On the last day, the BTC trading volume is up 15 percent, coinciding with the comprehensive breakout above $50k.

Bitcoin Price Overview

The Bitcoin price is trending at new uncharted territories within a bullish breakout pattern. From price action, the immediate support is the $50k round number. However, zooming out, a good launching pad if there is a retracement from spot levels is Jan 2021 highs of around $42k.

Affirming this is the level of participation accompanying the surge and the trading volumes behind the breakout. In line with the broader crypto community expectations, Bitcoin price is within a larger parabola, which main continues in a lift-off towards a six-figure digit.

As bulls double down, ramping up in smaller time frames, the immediate target from the Fibonacci extension tool’s projection is $62k. The level flashes with the 1.618 Fibonacci extension level of the Dec 2020 and Jan 2021 trade range.

As BTC prices fly, it also cements its market cap above $1 trillion. At this valuation, Bitcoin is worth roughly a seventh that of gold.

Bitcoin Market Movers

Bitcoin is a transactional layer enabling movement of value without the middle man. It has a fixed supply of 21 million, fast-evolving while serving a dual function as a store of value (SoV) and a medium of exchange (MoE).

The surge above $50k means Bitcoin has a trillion-dollar market cap:

💥Straight line up to $1trillion market cap! #bitcoin going for gold next ($10T)🚀 pic.twitter.com/cbLANvqug6

— PlanB (@100trillionUSD) February 17, 2021

Its parabolic advance is also historic, according to technical analysts:

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

With the U.S. government plans of flooding the market with more stimulus package ($1.9 trillion) in a low-interest environment, there is more headroom for Bitcoin:

Bitcoin is at $50,000 and the government is about to flood the market with another $1.9 trillion.

I wonder what is going to happen next…

— Pomp 🌪 (@APompliano) February 16, 2021

Preparing what’s ahead means corporations can follow MicroStrategy and Tesla’s moves and include the coin in their balance sheets:

Bitcoin will be added to the balance sheet of every corporation.

Adopting The Bitcoin Standard will be one of the most prudent decisions a company will ever make.

— russ (@RussellOkung) February 16, 2021