BTC reached a milestone on US Election Day. The $100,000 could now be a next target if history repeats itself.
Bitcoin (BTC) has officially set a new record. The BTC/USD pair was now over $10,000 for 100 days. Larger gains were to follow next.
When the US presidential election ended in the United States on 3 November, Bitcoin reached a milestone. It managed to stay in the five-digit range for 100 days without interruption.
Bitcoin record: 100 days over $10,000
This is impressive not only because it is a record to stay over $10,000 for so long. From previous data it is clear that the BTC/USD pair rises rapidly once Bitcoin stays above a significant level for 100 days.
As Cointelegraph reported last week, the time span varied depending on the level. But the result was the same, namely strong gains.
Quantitative analyst PlanB explained that the untested 200-week moving average of the crypto currency has now exceeded $7,000 for the first time. This supports the argument that Bitcoin will be higher in the future.
If the pattern from the past is repeated, Bitcoin could now grow relative to the 200-week average as it approaches the next halving of the block reward in 2024.
Bitcoin price relative to the 200-week moving average. Source: PlanB/Twitter
Strategist expects „parabolic increase“ in 2021
Bitcoin could see a „parabolic increase“ next year if it behaves as it did after the previous halving, as one well-known analyst predicted.
In a tweet on 4 November, Mike McGlone, Bloomberg Intelligence’s chief merchandise strategist, indicated that next year would be extremely bullish for BTC.
The reason for this is a simple balance of supply and demand. Bitcoin’s supply had recently halved in May, while buyer demand for new coins was only increasing.
„Bitcoin could experience a parabolic year 2021, as it did in 2013 and 2017, if these patterns were to repeat,“ he wrote.
„New highs are a next possible expression of this and could only be a matter of time. Unless something we do not foresee hinders greater acceptance and demand“.