New Record: Bitcoin (BTC) is trading above $10,000 for 100 days

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Last Updated on 4 November 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Officially, Bitcoin has achieved a new record trading above $10,000 for 100 days. The achievement marks a new era for more major gains. This is on the back of the ongoing presidential election in the United States of America. Earlier we reported that Bitcoin traded above the $10k for 63 consecutive days and a week later for 70 days.

According to previous data, Bitcoin has the tendency to swiftly increase by an order of magnitude if it trades above the significant price level for 100 days. 

There has been a significant difference in the length of time, but this has not affected major gains during this period. Dutch quantitative analyst PlanB also indicated that Bitcoin’s untested 200 Weighted Moving Average has now crossed $7,000 for the first time. If the patterns repeat, Bitcoin could gain more relative to the 200 Weighted Moving Average. The closer it gets to its next block subsidy halving in 2024.

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Bitcoin on a Parabolic Pattern for 2021

There is a possibility that Bitcoin could go “parabolic” next year if it follows its behaviour after previous halvings, according to a well-known analyst. Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone has suggested that Bitcoin would be super bullish next year. He added that the supply of Bitcoin reduced in May and that the demand for Bitcoin keeps increasing. 

He compares the trend to the parabolic trend in 2013 and 2017. McGlone was likely referring to recent corporate buy-ins from companies like Grayscale, along with the promise of PayPal users queuing up to use Bitcoin and other cryptocurrencies on the platform from next year.

In recent months, the world’s attention seems to have shifted to the crypto-verse now, as recent reports have shown how Bitcoin whales grew at a record pace. High net worth investors are quietly putting capital into some cryptos amid the recent bullish happening.

An overview of all publicly traded companies which invested in Bitcoin.