Bitcoin (BTC) has spent over $ 10,000 for nearly 100 days – and if history repeats itself, further price hikes could be astronomical.
As various social media users noted this week, as of October 30th, Bitcoin was only five days away from 100-day trading over $ 10,000.
BTC price ends at $ 10,000 for 100 days
According to the analysis company CoinMetrics, which Twitter user Julio Moreno put together, Bitcoin has gained an order of magnitude after 100 days of trading above certain price points.
For example, after BTC / USD stayed above 10 USD for 100 days, it only took 122 days for BTC / USD to hit 100 USD. After 100 days over $ 100, it turned out to be $ 1,000 in just two days.
Looking at the difference between $ 1,000 and $ 10,000, the time frame was longer – 150 days to crack five numbers after trading four numbers for 100 days.
“Bitcoin has held over $ 10,000 for over 90 days and is currently ~ 30% above this key level. This is the longest period in its history, ”reported the TIE in the latest edition of its Weekly Insights newsletter on Monday.
“The second longest period was in December 2017 when BTC topped $ 10,000 for the first time, just days before it rose 79% to hit its all-time high of $ 20,000. The third was in August 2019 when Bitcoin was trading in a range of 20% for almost 4 months. “
Bitcoin price record data. Source: Julio Moreno / Twitter
Difficulty set to reduce huge fees
With November 3rd as the deadline, attention is focused on how the coming days will affect Bitcoin price movement.
It’s not just the 100-day rule – by then, Bitcoin will likely end October with one of the highest monthly closings ever recorded. To hit the top, BTC / USD needs to hit $ 13,890 by the end of Saturday.
November 3rd is also now the date of the 2020 US presidential election, an event the outcome of which is widely cited as having an immediate impact on macro markets.
There will also be a tough adjustment for Bitcoin on Tuesday, which is currently estimated at 10.4%. This is the biggest downward move since late March. As Cointelegraph reported, the result for miners should be an easier entry level followed by a rebound.
Price movements can be influenced in line with miners’ behavior, while the current high fees should also fall as mining becomes more profitable. These are currently the most expensive in US dollars since the beginning of 2018.