Bitcoin sees 100-day record above $ 10K as analyst looks ‘parabolic’ in 2021

Bitcoin (BTC) has officially broken a new record as BTC / USD is trading above $ 10,000 for 100 days, and major gains should come after that.

When the vote for the US presidential election ended on November 3, Bitcoin saw a pivotal moment in its own right: 100 consecutive days of five-digit trading.

Bitcoin sees a record stretch above $ 10,000

The result is not only impressive as a record for over $ 10,000. According to previous data, once Bitcoin trades above these significant price levels for 100 days, BTC / USD rapidly increases by an order of magnitude.

As Cointelegraph reported last week, the time frame was different depending on the price level in question, but the result was the same: big gains.

Adding strength to the argument that Bitcoin will remain higher in the future, quantitative analyst PlanB noticed that the untested 200-week moving average of the largest cryptocurrency has now passed $ 7,000 for the first time.

If historical patterns are repeated, Bitcoin could now earn more than the 200 WMA the closer to halving the subsidy for the next block in 2024.

“Parabolic” strategist eyes 2021

On the subject of repeating history, Bitcoin could become “parabolic” next year if it follows its behavior after the previous halving, a well-known analyst predicted.

In a tweet On November 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 between supply and demand: Bitcoin supply shrank to its last halving in May, while buyers’ demand for new coins is on the rise.