Bitcoin (BTC) has spent nearly 100 days on prices above $10,000-if history repeats itself, further price increases could be astronomical.
As various social media users pointed out this week, as of October 30, Bitcoin is only five days away from 100 days of transactions over $10,000.
BTC price closes at $10,000 after 100 days
According to data from analysis firm CoinMetrics compiled by Twitter user Julio Moreno, Bitcoin subsequently rose by an order of magnitude 100 days after a specific transaction exceeded a specific price point.
For example, after maintaining a price above $10 for 100 days, it took only 122 days for BTC/USD to reach $100. After 100 days of breaking above 1
From the difference between $1,000 and $10,000, the time is longer-after trading at a four-digit number of 100, it takes 150 days to crack a five-digit number.
“Bitcoin has surpassed $10,000 for more than 90 days and is currently 30% above this critical level. The analysis resource The TIE reported in its latest Weekly Insights newsletter on Monday.
“The second longest time was in December 2017, when BTC exceeded US$10,000 for the first time. Just a few days ago, it rose by 79% and hit a record high of US$20,000. The third was in August 2019. At that time, the trading price of Bitcoin lasted for nearly 4 months in the 20% range.”
Bitcoin price record data. Source: Julio Moreno / Twitter
Adjust the difficulty to reduce huge costs
With November 3 as the deadline, attention will be focused on how it will affect Bitcoin’s price trend in the next few days.
This is not just a 100-day rule-until then, Bitcoin will end in October at one of the highest monthly closing prices ever. To break through the peak, BTC/USD must reach $13,890 before the end of Saturday.
At the same time, November 3 is also the date of the 2020 US presidential election. The outcome of this event is widely believed to have a direct impact on the macro market.
There will also be a difficult adjustment to Bitcoin on Tuesday, which is currently estimated to have fallen by 10.4%, which is the largest drop since late March. As Cointelegraph reported, for miners, the result should be an easier entry level, which will then rebound.
Price behavior may be affected by the behavior of miners, and as the mining industry becomes profitable, the current high fees should also be reduced. Since the beginning of 2018, these currencies are currently the most expensive in dollars.