Bitcoin Cracks $52K On Coinbase As Momentum Gathers For $1 Trillion

Tony "The Bull" Severino

4 years ago

2 mins read

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Bitcoin is about to perform its most important feat yet: achieve a market cap of over $1 trillion. And it just got past the first major hurdle at $52,000.

The $54,000 price level and above is the only remaining threshold in the way, and once past it, a flood of trillions in capital could follow after the milestone is set.

Bitcoin Takes Out $52,000 With No Ceiling In Sight

Bitcoin just took out $52,000 just a day after poking above $50,000 per coin for the first time ever. The price per BTC is now more than double the former bull market peak, and prices below five digits are now long gone.

And soon, if the momentum continues the cryptocurrency can say goodbye to five figures too.

Bitcoin breaks above $52,000 as it gears up for a push beyond $1 trillion | Source: BTCUSD on TradingView.com

The high was set on spot exchange Coinbase which has been leading the ongoing institutional buying trend. The exchange is said to be where Tesla and other big companies got their coins, which explains the constant premium per coin on that platform.

Consolidation around $50,000 was likely to build up enough momentum to push Bitcoin through the real resistance level: a $1 trillion market cap.

Here's how close Bitcoin is to $1 trillion | Source: CRYPTOCAP-BTC on TradingView.com

Big investors could have ditched the price per coin as their chart of choice, instead focusing on the Bitcoin total market cap. At the current cost per coin, the cryptocurrency is less than 5% away from setting the record.

At $1 trillion, Bitcoin will have “made it” in the world of finance and can no longer be denied. At that size of a market cap it will have enough liquidity for big investors to continue to buy, further supporting the ongoing parabolic price trend.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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