Bitcoin (BTC) 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.
BTC price closes in on 100 days at $10,000
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.
For example, after staying above $10 for 100 days, it took just 122 days for BTC/USD to reach $100. After cracking 100 days above $100, meanwhile, $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.”
Bitcoin price record data. Source: Julio Moreno/ Twitter
Difficulty adjustment set to reduce huge fees
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. To beat the top, BTC/USD must hit $13,890 by the end of Saturday.
Nov. 3 meanwhile also forms the date of the 2020 U.S. presidential elections, an event whose outcome is widely tipped to have an immediate impact on macro markets.
Tuesday will also see a difficulty readjustment for Bitcoin, currently estimated at 10.4% down, the largest such downward move since late March. As Cointelegraph reported, the result should be an easier entry level for miners, with a rebound following.
Price action may be influenced in line with miner behavior, while current high fees should also reduce as mining becomes more profitable. These are currently at their most expensive in U.S. dollar terms since early 2018.
Title: Bitcoin just 4 days away from historically bullish $10K price record
Sourced From: cointelegraph.com/news/bitcoin-just-4-days-away-from-historically-bullish-10k-price-record
Published Date: Fri, 30 Oct 2020 10:00:00 +0000