After hitting the $ 50,000 level earlier in the week, bitcoin (BTC) experienced a short correction and is now firmly above that level at $ 52,000. Market cap equals $ 900 billion, poised to bring cryptocurrency number one a value of $ 1 trillion.
Popular trader and analyst Peter Brandt analyzed the latest price spike, concluding that Bitcoin (BTC) has entered its third parabolic rise in the past decade.
“The big picture for BTC: Bitcoin is experiencing its third parabolic growth in the last decade. Parabolic progress on the arithmetic scale is extremely rare; three on a logarithmic scale is a historical phenomenon. “
As you can see from the chart above, previous parabolic rallies led to strong bullish rallies. The BTC price is still in the early stages of its third parabolic rise, which could push the BTC price up to $ 240,000 .
Peter Brandt is not alone in his belief that Bitcoin (BTC) has the potential to rise to these levels. The popular Bitcoin proponent and author of the Stock-to-Flow PlanB model has also set a similar target of $ 228,000.
“Do you think the bitcoin level will reach $ 288K (S2FX model), $ 100K (S2Fv2 model), $ 55K (S2Fv1 model) by December 2021 .. or will BTC stay below $ 55K?”
Well, if you look at the activity of institutional investors, which serve as an example for large corporations, the massive purchases of bitcoin and its subsequent growth are quite understandable.
On February 16, the digital asset manager of New York Digital Investment Group LLC (NYDIG) also applied for Bitcoin ETF approval with the SEC. It is indicated that the bitcoin ETF NYDIG will be listed on the New York Stock Exchange (NYSE). Banking giant Morgan Stanley will act as an authorized participant in Bitcoin ETF:
“The investment objective of a trust is to reflect the dynamics of the bitcoin price minus the costs of the trust’s operations. The Trust will not seek to reflect the performance of any benchmark or index … In an effort to achieve its investment objective, the Trust will hold Bitcoins. ”
Another North American Bitcoin ETF was recently approved by the Canadian company Evolve Group Funds.
“Second North American Bitcoin ETF Approved Less Than One Week After First.”
As institutional interest in Bitcoin (BTC) has soared to new heights, hopes that an American Bitcoin ETF will hit the market by the end of the year is growing. Wall Street veteran Mike Novogratz expects current Securities and Exchange Commission candidate Gary Gensler to welcome the product.