If Bitcoin can stay above the $10,000 mark for three more days, the next ten-jump is „safe“.
Bitcoin (BTC) has now been above the $10,000 mark for almost 100 consecutive days, and if the past repeats itself, the market-leading crypto currency may be poised for astronomical gains.
On October 30th, several voices in social networks pointed out that Bitcoin is now only five days away from staying above the $10,000 mark for 100 consecutive days.
Only three days left
As a graphic by Twitter user Julio Moreno using data from the crypto analysis portal CoinMetrics illustrates, Bitcoin has always made it tenfold upwards after 100 days above a round mark, although the time until the next tenfold step varies greatly.
For example, after 100 days above the $10 mark, it took 122 days before Bitcoin could crack the $100 mark, but after 100 days above the $100 mark, it took only two days to jump to $1,000.
The climb to $10,000 again took longer, as it took 150 days after the crypto currency had been above the $1,000 mark for 100 days to reach the next tenfold increase.
„Bitcoin has now been above the 10,000 US dollar mark for more than 90 days and is currently almost 30% above this mark. It has never made it this long before“, as the cryptomarket researchers from The TIE stated on Monday in their weekly newsletter. So they continue to write:
„The second longest period to date was in December 2017 when BTC broke the USD 10,000 mark for the first time and jumped to a record high of USD 20,000 with a further 79% increase. The third longest period was in August 2019 when Bitcoin remained in a 20% price range for almost 4 months“.
Even more reason for optimism
So the crypto traders‘ attention is now focused on November 3rd to see if Bitcoin can fill the 100 days again, and especially what happens next.
However, it is not only the 100-day rule that gives reason for optimism, because Bitcoin could still achieve one of the highest monthly trades ever at the end of October, if the 13,890 US dollar mark can still be cracked today, Saturday.
November 3 is also interesting for crypto investors for another reason, as this is the date of the US presidential election, which experts believe will definitely have an impact on Bitcoin.
In addition, Bitcoin’s mining deficit will be automatically adjusted on Tuesday, this time downwards by almost 10.4%. This will make market entry more lucrative for miners, which could possibly also drive the price upwards.