The Bitcoin price already cracked the 50,000 US dollar mark in the early morning hours and reached a high of $ 50,600 on the Bybit trading platform today before a strong sell-off followed.
This is not surprising as many traders point to the psychological resistance at $ 50,000. The pressure to sell is enormous and yet traders and well-known analysts are bullish like never before.
Peter Brandt: It’s not just rare, it’s historical
Peter Brand is one of the most popular traders in the crypto space and is notorious for his precise analysts and market assessments. A few hours ago he published a chart that shows Bitcoin’s third parabolic phase in the last ten years.
Big Picture $ BTC- Bitcoin is now experiencing its third parabolic surge in the last decade. A parabolic rise on an arithmetic scale is extremely rare – three on a logarithmic scale is historical.
The chart shows that Brandt expects a high of $ 240,000 in 2021. Sounds unlikely? Maybe, but the Bitcoin price has been moving since the end of 2020 like in the parabolic phases of the last rallies.
One all-time high is currently being cracked after the other and every psychological resistance level has so far been reached after several attempts. Be it the $ 20,000, $ 30,000 or the $ 40,000 mark.
Although the selling pressure at $ 50,000 should not be underestimated, most traders assume that this level can be cracked sustainably in the next few days, if not hours.
$ 100,000 USD per Bitcoin and more
Last year, a six-figure course level was unimaginable. It’s only a matter of time now. Bitcoins are withdrawn from exchanges on a weekly basis to store them in cold wallets, which means a decreasing supply.
Institutions no longer stand on the sidelines and watch, but step directly into the action. Microstrategy, Tesla, PayPal are among the best-known companies that buy bitcoins. But not only that! Grayscale buys more bitcoins weekly than miners can mine.
If you look at the big picture, this leads to an extremely tight Bitcoin supply in the long run. So should you buy Bitcoin now before other institutions get on board? [To buy Bitcoin with PayPal instructions ]
The big question is where the Bitcoin course will develop in 2021. What do the experts think?
Even Bitcoin’s biggest critic, Peter Schiff, who takes every opportunity to call Bitcoin a bubble, said in a tweet that it is entirely possible that Bitcoin will break the $ 100,000 mark this year.