Bitcoin has spent nearly 100 days above $10,000 - and if history repeats itself, further price gains could be astronomical.
As noted by various social media users this week, as of Oct. 30, Bitcoin was just five days away from trading above $10,000 for 100 days.
According to data from analytics firm CoinMetrics compiled by Twitter user Julio Moreno, after trading above certain price points specifically for 100 days, Bitcoin subsequently gained by an order of magnitude.
After staying above $10 for 100 days, it took just 122 days for BTC/USD to reach $100. After cracking 100 days above $100 $1,000 appeared in just two days.
Looking at the difference between $1,000 and $10,000, the time period was longer - 150 days to crack five figures after trading at four figures for 100 days.
"Bitcoin has held above $10,000 for over 90 days now, currently ~30% higher than this key level. This is the longest period in its history," analytics resource The TIE reported as part of the latest edition of its Weekly Insights newsletter on Monday.
"The second longest period was back in December of 2017 when BTC surpassed $10,000 for the first time, just days before it increased by 79% to set it's all-time high of $20,000. Third was in August of 2019, when Bitcoin traded within a 20% range for nearly 4 months."
With Nov. 3 as a deadline, attention is focusing on how the coming days will shape Bitcoin price action.
It's not just the 100-day rule - before then, Bitcoin will finish October likely with one of its highest monthly closes on record.
Price action may be influenced in line with miner behavior, while current high fees should also reduce as mining becomes more profitable.
Bitcoin just 4 days away from historically bullish $10K price record
Published on Oct 30, 2020
by Cointele | Published on Coinage
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