Bitcoin (BTC) has officially broken a new record as BTC / USD is trading above $ 10,000 for 100 days and is expected to rise significantly thereafter.
Since voting in the US presidential election ended on November 3, Bitcoin has seen an important moment of its own – 100 consecutive days of five-digit trading.
Bitcoin sees a post over $ 10,000
The performance is impressive, not just as a record of over $ 10,000. According to previous data, when Bitcoin is trading above these significant price levels for 100 days, the Bitcoin / Dollar currency rapidly increases in order of size.
As Cointelegraph reported last week, the duration varied by price level, but the result was the same – a big gain.
In addition to the argument that bitcoin will grow in the future, quantitative analyst PlanB noted that the largest uncertain 200-week moving average for cryptocurrencies crossed $ 7,000 for the first time.
If historical patterns repeat, Bitcoin could now gain more than 200 WMAs as the next half approaches block support in 2024.
Bitcoin price compared to the 200-week moving average. Source: PlanB / Twitter
The strategist’s view is a “parabola” 2021
In terms of recurring history, Bitcoin could become “parabolic” next year if it follows the behavior of the previous halves, as a well-known analyst expects.
In a tweet on November 4, Mike McGlone, chief commodity strategist at Bloomberg Intelligence, became the latest number to predict that next year will be extremely bullish for Bitcoin.
The reason, he says, lies in the simple equilibrium between supply and demand – Bitcoin supply declined during the latter half in May, while consumer demand for new currencies only grew.
“Bitcoin may be subject to the 2021 equivalent, as it did in 2013 and 2017, if previous patterns reappear,” he wrote.
“New hikes are the next potential iteration, and it could only be a matter of time before something we don’t anticipate leads the trend toward greater acceptance and demand for the limited supply.”
Bitcoin supply and demand comparison table. Source: Mike McGlone / Twitter
McGlone may have referred to recent corporate acquisitions, as well as a promise from PayPal users to queue up to use Bitcoin and other cryptocurrencies on the platform from next year.
Meanwhile, existing major backers such as Asset Manager Grayscale and the Square payment network won’t win until 2020.