{"id":112805,"date":"2021-02-14T18:11:58","date_gmt":"2021-02-14T18:11:58","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112805"},"modified":"2021-02-14T18:11:58","modified_gmt":"2021-02-14T18:11:58","slug":"bitcoin-btc-becomes-a-1-trillion-asset-at-53680","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-btc-becomes-a-1-trillion-asset-at-53680\/","title":{"rendered":"Bitcoin (BTC) Becomes a $1 Trillion Asset at $53,680"},"content":{"rendered":"<p><strong>In brief:<\/strong><\/p>\n<ul>\n<li><strong>Bitcoin&#8217;s market cap will reach a value of $1 Trillion at a BTC price of $53,680<\/strong><\/li>\n<li><strong>Bitcoin&#8217;s current market cap stands at $904.5 Billion with its fully diluted market cap exceeding $1 Trillion<\/strong><\/li>\n<li><strong>Bitcoin is inches away from the $50k price ceiling that could be a short term challenge<\/strong><\/li>\n<li><strong>BTC analyst Timothy Peterson has forecasted $60k as a possible top for Bitcoin<\/strong><\/li>\n<\/ul>\n<p>Bitcoin (BTC) becomes a $1 Trillion asset at a value of $53,680. This fact was shared by the team at Documenting Bitcoin via the following tweet.<\/p>\n<p>At $53,680, #Bitcoin becomes a trillion dollar asset.<\/p>\n<p>&mdash; Documenting Bitcoin \ud83d\udcc4 (@DocumentingBTC) February 14, 2021<\/p>\n<\/p>\n<h2>Bitcoin&#8217;s Current Market Cap Stands at $904.494 Billion<\/h2>\n<p>At the time of writing, Bitcoin is trading at $48,715 with its current market cap of $904.494 Billion. Additionally, Bitcoin&#8217;s fully diluted market cap (if all BTC were minded and in circulation) currently stands at $1.019 Trillion as seen in the screenshot below courtesy of Coinmarketcap.<\/p>\n<h2><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-CMC-Feb-14th-1024x380.jpg\">Bitcoin Could Test $50k this Month<\/h2>\n<p>With respect to price, Bitcoin has printed an ascending triangle with an upper boundary at $49k as seen in the 6-hour BTC\/USDT chart below.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTCUSDT-Feb-14th.png\"><\/p>\n<p>Also from the chart, it can be observed that Bitcoin&#8217;s 6-hour MACD is in the process of attempting to cross in a bullish manner above the baseline. The 6-hour trade volume is also in the green with the MFI yet to hit overbought territory at a value of 70. However, the 6-hour RSI is hinting at an overbought scenario in the short term.<\/p>\n<p>In the case of moving averages, Bitcoin has deviated quite a bit from the 50 MA (white). Such a deviation implies that Bitcoin will at some time in the near future, fall back to this moving average and perhaps find some support from it.<\/p>\n<p>Summing up the brief technical analysis, Bitcoin is very much in bullish territory that could result in a new all-time high at, or above, the $50k price ceiling. However, the weekly close is only hours away. Chances are, that Bitcoin could experience a brief period of selling pressure before the new week, thus postponing its journey to new highs.<\/p>\n<h2>$60k Might be Bitcoin&#8217;s Local Top<\/h2>\n<p>In an earlier analysis, Timothy Peterson of Cane Island Alternative Advisors pointed out that $60k might be Bitcoin&#8217;s local top for the current parabolic move. Mr. Perterson&#8217;s analysis and $60k value is derived from his Metcalfe model as demonstrated in the two tweets below.<\/p>\n<p>I now have 2 indicators suggesting #bitcoin 60k is the top. One is price to metcalfe value 2017 level (shown). The other is based on historical behavior of 200MA which I posted earlier here: https:\/\/t.co\/RTzetWoxOJ pic.twitter.com\/gNxBtHnjt5<\/p>\n<p>&mdash; Timothy Peterson (@nsquaredcrypto) February 13, 2021<\/p>\n<\/p>\n<p>Source: <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-becomes-a-1-trillion-asset-at-53680\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In brief: Bitcoin&#8217;s market cap will reach<\/p>\n","protected":false},"author":3,"featured_media":112804,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin (BTC) Becomes a $1 Trillion Asset at $53,680 - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-btc-becomes-a-1-trillion-asset-at-53680\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin (BTC) Becomes a $1 Trillion Asset at $53,680 - 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