A new record for BTC price action on election day in the US means that $100,000 may now be a target price, according to historical data.
The Bitcoin (BTC) officially set a new record, with the BTC/USD pair remaining above $10,000 for 100 days, suggesting that more gains may be in the way of the currency.
As voting in the US presidential election ended on November 3, the Bitcoin saw a remarkable moment in itself – 100 days of five-digit trading.
Bitcoin reaches record high above $10,000
The achievement is not only impressive but a record number of days over $10,000. According to previous data, since Bitcoin is traded above these significant price levels for 100 days, BTC/USD increases rapidly in magnitude.
As the Cointelegraph published last week, the time period was always different depending on the price level involved, but the result was the same – big gains.
Strengthening the argument that Bitcoin will follow higher in the future, quantitative analyst PlanB noted that the highest moving average of 200 weeks, which has not been tested at the current high, has now exceeded $7,000 for the first time.
If historical standards are repeated, Bitcoin could now gain more than the 200 WMA the closer it gets to its next halving in 2024.
Strategist sees 2021 „parabolic
With history repeating itself, Bitcoin may have a high „satellite“ next year if it follows its post-halving behaviour, as a well-known analyst predicted.
In a November 4th tweet, Mike McGlone, senior commodity strategist for Bloomberg Intelligence, became another to suggest that next year will be hyper optimistic for BTC.
The reason, he said, is a simple balance between supply and demand – Bitcoins production was halved in May while demand for new currencies is only increasing.
„Bitcoin could suffer a parabolic 2021, as it did in 2013 and 2017, if previous patterns are repeated,“ he wrote.
„New highs are a potential next iteration and may only be a matter of time, unless something we do not anticipate hampers the trend of increased adoption and demand versus limited supply.“
McGlone was probably referring to recent corporate acquisitions, along with the promise of PayPal users queuing up to use Bitcoin and other cryptomaps on the platform next year.
At the same time, high-volume supporters such as asset manager Grayscale and the payment network Square are only increasing their positions in 2020.