Bitcoin just shot through $52,000 despite weakness in the Altcoin

Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.

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” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>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.

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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.”

Bitcoin is also likely to benefit from fundamental trends, too.

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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.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: xbtusd, btcusd, btcusdt
Bitcoin Shoots Through $52,000: Here Are What Analysts Are Saying
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Here Are What Analysts Are Saying

by Justin M. Ray
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