Bitcoin (BTC) has officially set a new record because the BTC/USD transaction price has exceeded $10,000 for 100 consecutive days, and it should be very profitable next.
With the end of voting for the US presidential election on November 3, Bitcoin witnessed a milestone moment-the price reached 5 figures for 100 consecutive days.
Bitcoin price continues to stay above $10,000
This achievement is more than just a time record for the Bitcoin price to exceed $10,000. According to previous data, once the Bitcoin transaction price remains above these important price levels for 100 days, the BTC/USD transaction volume will rapidly increase by an order of magnitude.
As Cointelegraph reported last week, the length of time depends on the price level involved, but the result is the same-huge profits.
Quantitative analyst PlanB pointed out that Bitcoin’s untested 200-week moving average has now exceeded $7,000 for the first time, which further strengthens the argument that Bitcoin continues to rise.
If the historical pattern repeats itself, then the closer Bitcoin is to the halving of block rewards in 2024, its earnings relative to the 200-week moving average may be higher.
Bitcoin price VS Bitcoin 200-week moving average. Source: PlanB/Twitter
Bitcoin will show a “parabolic” trend in 2021
A well-known analyst predicts that if Bitcoin follows the previous halving behavior, the price of Bitcoin next year may show a “parabolic” trend.
A tweet on November 4 indicated that Mike McGlone, a senior commodity strategist at Bloomberg Industry Research, believes that BTC will usher in a super bull market in 2021.
He said that the reason for the bullishness is simple, that is, the balance of supply and demand-the supply of bitcoin decreased during the most recent halving in May, and buyers’ demand for bitcoin is increasing.
He wrote: “If the previous model works again, then in 2021, Bitcoin may rise in a parabolic fashion like it did in 2013 and 2017.”
“The new highs may be repeated again, unless certain factors that we cannot foresee lead to increased adoption and increased demand in contrast to limited supply, but it may only be a matter of time.”
Bitcoin supply and demand comparison chart Source: Mike McGlone / Twitter
McGlone may refer to the company’s recent purchases of Bitcoin and the promise of PayPal users to adopt Bitcoin and other cryptocurrencies on the platform starting next year.
At the same time, large institutions such as asset management company Grayscale and payment network company Square will only continue to increase their holdings of Bitcoin in 2020.
