Bitcoin (BTC) has spent nearly 100 days above $ 10,000 – and if history repeats itself, further price gains could be astronomical.
As noted by several social media users this week, as of October 30, Bitcoin was just five days away from a trade of more than $ 10,000 over 100 days.
The BTC price closes at $ 10,000 in 100 days
According to data from analytics company CoinMetrics compiled by Twitter user Julio Moreno, after trading above certain price points specifically for 100 days, Bitcoin then won in an order of magnitude.
For example, after staying above $ 10 for 100 days, it took only 122 days for BTC / USD to reach $ 100. After cracking above $ 100 for 100 days, meanwhile, $ 1,000 showed up in just two days.
Looking at the difference between $ 1,000 and $ 10,000, the time period was longer – 150 days to crack five numbers after 100 days of trading at four numbers.
“Bitcoin has been holding over $ 10,000 for over 90 days now, currently ~ 30% above this key level. This is the longest period in its history, ”says analytics resource The TIE reported as part of the latest edition of the Weekly Insights newsletter on Monday.
The second longest period was in December 2017, when BTC first crossed $ 10,000, just days before it rose 79% to hit its all-time high at $ 20,000. The third was in August 2019, when Bitcoin was trading within the 20% range for almost 4 months. “
Data about Bitcoin price records. Source: Julio Moreno / Twitter
Difficulty adjustment set to reduce massive costs
With November 3 as the deadline, the focus is on how the coming days will shape Bitcoin’s price action.
It’s not just the 100-day rule – before then, Bitcoin will likely end October with one of the highest monthly closings ever. To beat the top, BTC / USD must hit $ 13,890 by the end of Saturday.
November 3, meanwhile, also marks the date of the 2020 US presidential election, an event whose result is widely tipped to have an immediate impact on macro markets.
Tuesday will also see a difficulty adjustment for Bitcoin, currently estimated at 10.4% down, the biggest downward move since late March. Such as Cointelegraph reported, the result should be an easier entry-level for miners, with a rebound following.
Price action can be influenced in accordance with the behavior of miners, while the current high fees should also decrease as mining becomes more profitable. These are currently on their most expensive in US dollars since early 2018.