Bitcoin Price – February 2021, is pushing north of $51K
At the time of writing, Bitcoin price is $51,156.70 (12:20 CET). The global market cap is sitting at $960B and it’s 24hr value currently sits at over $76B.
After an incredible year for Bitcoin investors and traders in 2020, fuelled by the Covid pandemic, US economic uncertainty and the continued development of new tech on a global scale – 2021 is to date, continuing the potentially very bullish outlook.
After just over six weeks of 2021, Bitcoin has progressively risen in price, with only short-term corrections interrupting the gains of traders backing the currency. Having consolidated the gains of the BTC bull run in late 2020, Bitcoin ended January 2021 with a value in excess of $47,000. BTC experienced a sharp short-term dip in early February, but has since hit new highs during the month, with its price rising to a high of $52,618 earlier today (18 Feb 2021).
Several factors, including news of institutional investment in Bitcoin, government moves regarding CBDCs and the general evolution of crypto ecosystems, are all fuelling the current Bullish outlook for Bitcoin in 2021. Most online traders and influencers continue to recommending BTC BUY & LONG (purchase with the expectation of selling and making a profit at a future date) (This is not investment advice).
Historical Bitcoin Prices Highs 2020/2021
Thanks to 2020’s BTC bull market and the current continuation into 2021 at the time of this report, Bitcoin has hit numerous new highs in that last 12 months. The last highest Bitcoin price was on the 18 February 2021, when BTC hit $52,618.
Given the current market trends and increasing media expose of Bitcoin, such as the Daily Express’ recent article featuring respect BTC investor, Max Keiser, and his discussions with the UK government regarding cryptocurrency, many remain very bullish about Bitcoin’s chances of hitting more new highs in 2021.
- October 2020 $13,570
- November 2020 $18,114k
- December 2020 $28,700
- January 2021 $34,600
- February 2021 $52,618
More historical info about Bitcoin – read here: Bitcoin Price
Bitcoin Price – Feb 2021- Charts (1 day)
Looking at the charts and what we can certainly note is that Bitcoin’s performance in February 2021 has been extremely bullish – including when analysing the current 24 hour BTC chart. Bitcoin is now looking to test the confidence of the $50K level and consolidate the $50,000 – $60,000 range through the remainder of February 2021.
Bitcoin Price – Feb 2021 Positive indicators
As we head through 2021, reading the Bitcoin charts remains a challenging task. Much speculation on Bitcoin Price, isn’t always based on sound technical analysis – particularly with the dynamics of Twitter accounts, Reddit boards, mainstream media, subjective opinion, combined with legitimate expert analysis. Nevertheless, at this point in 2021, we see positive indicators across a variety of indicators/patterns, creating a bullish BTC outlook:
- Uptrend on Historical Volatility Percentiles & SMA
- Bitcoin Price is breaking a long term range
- Moving average looks positive
- Open interest is going up from both retail & institutions
- Volume is going up
- Moving averages divergences are going up
- Golden Cross is present
- Macro movement
Further to the above, we also see professional gaps within CME Futures. This is a macro indicator. The CME gap sitting at $9,615 has yet to be filled.
Bitcoin Price – Feb 2021 – Considerations
The past 18 months has been incredibly exciting for anyone invested in Bitcoin, but the highs and lows during this period have demonstrated the need to accept volatility if going long on BTC. To highlight this point, having spiked to just over $40,000 in early January 2021, traders dumped Bitcoin towards the end of the month, seeing its price fall to around $30,000, but the current February bull run has seen it rapidly rebound to new highs in excess of $52,000. As BTC’s value grows, the relative losses will be greater, so we can expect price swings of $1,000 or more within a few hours. At the time of writing on February 18 2021, the 24h low for Bitcoin stands at $50,542.30, while the high stands at $52,618.74.
Market Investment Overview
Recent analysis by Binance, demonstrated how Bitcoin continues to yield better returns across the board, compared to other key investments such as S&P 500 (top 500 U.S. companies) and NASDAQ 100 (Index tracker of top 100 U.S. Companies). As displayed in the chart below, a $1,000 investment in Bitcoin at the beginning of 2020, would have grown to $1,660, compared to $1,265 with NASDAQ or $1,029 for S&P 500. Considering these figures only ran to August, prior to Bitcoin’s sustained bull run throughout 2020 and up to the current time of this article in February 2021, BTC’s viability for long-term investors is highlighted. Despite the continued volatility of Bitcoin, similar results can be seen against high profile stocks, such as Facebook, Apple, Amazon, Netflix, and Google’s Alphabet.
BTC S&P 500 NASDAQ
Looking to Buy Bitcoin?
Buying Bitcoin is like buying a house, so look into all aspects before taking the plunge and you don’t buy a house in a day.
- Wallet: Setting up a digital wallet is simple, hardware wallets would need a few days to arrive in the post (we recommend the latter).
- Crypto Exchange: Registration on an exchange is mostly immediate, however KYC and making a depositing might take a few hours if you plan to trade on a non- custodial exchange.
Quickest approach: If you are looking to buy Bitcoin right now, you will have to make a few security sacrifices, eg: not have your own wallet and trade on a custodial exchange like Coinbase or Binance. A custodial exchange means that the exchange holds your private key & lacks transparency but is faster than non-custodial exchanges. See our Crypto Exchange Reviews before taking the plunge.
Disclaimer: All information is based on collective research from multiple online sources, which at the time of writing the author considers reputable. This is not investment advice. The author holds Bitcoin & Ethereum and a few altcoins.