Bitcoin (BTC) spent nearly 100 days with a value over $ 10,000 – and if history repeats itself, further price increases could be astronomical.
As many social media users noted this week, on October 30, Bitcoin was only five days away from trading with a value of over $ 10,000 in 100 days.
The price of BTC within 100 days closes to $ 10,000.
According to data from analyst firm CoinMetrics, compiled by Twitter user Julio Moreno, after trading for 100 days at certain prices, Bitcoin rose after that by a significant amount.
For example, after BTC / USD stayed above $ 10 for 100 days, it only took 122 days to reach $ 100. Meanwhile, after 100 days it rose above $ 100, $ 1,000 rose in just two days.
Looking at the difference between $ 1,000 and $ 10,000, you can see that the time period was longer – 150 days to break five numbers after 100 days of trading four numbers.
Bitcoin has held more than $ 10,000 for more than 90 days, and is currently 30% above this key level. This is the longest period in history, ”TIE reported Monday in the latest issue of the Weekly Insights newsletter.
The second longest period was in December 2017, when BTC crossed $ 10,000 for the first time, just days before it surged 79%, indicating it was the highest at $ 20,000. The third time was in August 2019, when Bitcoin was trading at around 20% for about 4 months. ”
Difficulty setting down huge fees
With the deadline being November 3, the focus is on how the coming days will shape Bitcoin’s price movement.
It’s not just a 100-day rule – before that, Bitcoin will likely end in October with one of the highest monthly closings. To reach the top, BTC / USD should reach the $ 13,890 mark by the end of Saturday.
Meanwhile, November 3 is the date for the 2020 US presidential election, an event whose results are widely expected to have an immediate impact on macroeconomic markets.
There will also be difficulty adjusting to Bitcoin on Tuesday, which is currently down 10.4% in price, the biggest drop since late March. As reported by Cointelegraph, as a result, the miners have to streamline their entry level with subsequent rebound.
Price action could be affected according to the behavior of miners, while the current high fees should also be reduced as mining becomes more profitable. It is currently the most expensive dollar price since the beginning of 2018.