Bitcoin, the cryptocurrency with the highest market value, has remained above the critical price of $10,000 for nearly a hundred days.
Historical data shows that if Bitcoin can remain above $10,000 on the day of the US election, the next target price for its rise will be $100,000.
According to data from cryptographic analysis company CoinMetrics, Bitcoin has risen by an order of magnitude after being traded above a certain price point for 100 days.
For example, after breaking through $10 for 100 days, it took only 122 days for Bitcoin to reach $100. After breaking $100 for 100 days, Bitcoin broke the $1,000 mark in just two days. It took 150 days for Bitcoin to reach the five-digit figure after breaking through $1,000 for 100 days.
At present, Bitcoin has been above US$10,000 for 95 days, and is 30% higher than this price. This is also the longest time that Bitcoin has been above US$10,000. After Bitcoin broke through USD 10,000 for the first time in December 2017, a few days later Bitcoin hit a record high of USD 20,000; in 2019, Bitcoin hit an annual high of USD 14,000.
In the next 5 days, Bitcoin is likely to remain above $10,000, and Bitcoin is also likely to set its highest monthly closing price on record at the end of October. To set this record, Bitcoin must reach $13,890 by Saturday.
The current market sentiment is still optimistic, because the economic stimulus and quantitative easing policies implemented by various countries in response to the new crown epidemic are causing inflation. The massive purchases of Bitcoin by companies such as MicroStrategy and Square also indicate that funds from traditional markets are flowing into the crypto market.
