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

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

Bitcoin Price Prediction

The Bitcoin price is trading within a bullish breakout pattern, as the candlestick arrangement in the daily chart shows.

As BTC/USD prints higher, the underlying momentum is also high. Buyers are in control. Participation is also picking up.

The Banding of bull bars along the upper BB can build the foundation for $60k in the immediate term.

In this bullish breakout pattern, the immediate support is the middle BB and Jan 2021 highs of around $42.

In the meantime, buyers are targeting $62k—coincides with the 1.618 Fibonacci extension level anchoring on Dec 2020 and Jan 2021 trade range.

More price expansion will lift the BTC/USD price to $94k, the 2.618 Fibonacci extension level.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.