Bitcoin sees record 100 days above $10K as one analyst eyes ‘parabolic’ 2021

Bitcoin ( BTC ) has officially beaten a new record as BTC/USD trades above $10,000 for 100 days, and major gains should come next. As vo...


Bitcoin (BTC) has officially beaten a new record as BTC/USD trades above $10,000 for 100 days, and major gains should come next.

As voting in the United States’ presidential election ended on Nov. 3, Bitcoin saw a landmark moment of its own — 100 days straight trading in five figures.

Bitcoin sees record stretch above $10,000

The achievement is not just impressive as a record for $10,000-plus prices. According to previous data, once Bitcoin trades above these significant price levels for 100 days, BTC/USD swiftly increases by an order of magnitude.

As Cointelegraph reported last week, the length of time has differed depending on the price level involved, but the result has been the same — major gains.

Adding strength to the argument of Bitcoin staying higher going forward, quantitative analyst PlanB noted that the largest cryptocurrency’s untested 200-week moving average has now crossed $7,000 for the first time.

Should historical patterns repeat themselves, Bitcoin could now gain more relative to the 200 WMA the closer it gets to its next block subsidy halving in 2024.

Bitcoin price versus its 200-week moving average. Source: PlanB/Twitter

Strategist eyes “parabolic” 2021

On the topic of history repeating itself, Bitcoin could go “parabolic” next year if it follows its behavior after previous halvings, a well-known analyst has forecast.

In a tweet on Nov. 4, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, became the latest figure to suggest that next year would be hyper-bullish for BTC.

The reason, he said, is a simple balance of supply and demand — Bitcoin’s supply reduced at the latest halving in May, while buyer demand for new coins is only increasing.