While the eyes of the world are once again focused on America and their elections, Bitcoin (BTC) is breaking another important record. It has been above the $10,000 mark for 100 days, and that is unique.
The bitcoin rate does not seem to care much about the troubles in America. The BTC price is relatively stable and at the time of writing is even above the $14,000 limit.
Time for a further rise?
In the history of bitcoin, the limit of 100 days above a certain price point is significant. History shows that Crypto Genius BTC no longer goes below that limit if it stays above it for such a long period of time. That is reported by Cointelegraph.
Of course that does not offer any guarantee, but it offers hope and it ensures that we can speculate about the next steps in BTC’s price development.
More good signals
The 200-week moving average is also higher than ever: this statistic is above the $7,000 mark for the first time. This is reported by the Dutch anonymous quant PlanB.
The moving average, or moving average, is the average of a fixed number of weeks. So, for the first time, the moving average was 200 weeks above $7,000.
With its stock-to-flow model, PlanB tries to give an indication of the future bitcoin price. On Twitter he regularly shares new insights or remarkable facts about BTC’s price.
Hopium for 2021
Bitcoin is therefore breaking price records. We have not seen the record price of around $20,000 this year. If history repeats itself, we can expect fireworks in 2021. The PlanB model indicates this, but other analysts are also making predictions.
Mike McGlone, a Bloomberg commodity strategist, also ventures into bitcoin price predictions: he foresees a scenario in which bitcoin will rise parabolically.
The reason? It’s a simple question of supply and demand. The bitcoin halving causes the production of new BTC to slow down every four years. If the demand for new bitcoin remains the same (or rises) while less new bitcoin enters the market, this can cause a shortage on the sales side of the market.
Speaking of demand… parties such as PayPal are also on the battlefield. PayPal opens the doors for bitcoin: payment, trading and storage. To offer these services, the company does need bitcoin.
By the way, PayPal lets you know that the bitcoin you buy there cannot be removed from their platform. In short: the BTC that buys PayPal will not return to the regular market for the time being.