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Bitcoin sees a record of 100 days above $ 10,000 as an analyst sees 2021 as “parabolic” for BTC

November 4, 2020

Bitcoin (BTC) has officially broken a new record as the BTC / USD pair trades above $ 10,000 for 100 daysand the biggest wins should come next.

When the voting in the US presidential election ended on November 3rd, Bitcoin experienced its own historic moment: 100 days in a row in the five-digit range.

Bitcoin is seeing record growth of over $ 10,000

The performance isn’t just impressive with a record price of over $ 10,000. According to previous information Once Bitcoin surpasses these important price levels for 100 days, BTC / USD will quickly rise by an order of magnitude.

Bitcoin sees a record of 100 days above $ 10,000 as an analyst sees 2021 as “parabolic” for BTC
Bitcoin sees a record of 100 days above $ 10,000 as an analyst sees 2021 as “parabolic” for BTC

As Cointelegraph reported last week, time has changed depending on the price level, but The result was the same: big wins.

The quantitative analyst strengthens the argument that Bitcoin will stay higher in the future Plan B he showed that the 200-week moving average of the largest cryptocurrency has now exceeded USD 7,000 for the first time.

When historical patterns repeat Bitcoin could earn more compared to 200 WMA the closer it gets to its next halving in 2024.

Bitcoin’s price versus the 200-week moving average. Source: PlanB / Twitter

Strategist sees 2021 as “parabolic”

On the subject of repeating history, Bitcoin could go “parabolic” next year if it continues to behave after previous semitonesas a well-known analyst predicted.

In one Tweet from November 4th Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, was the latest figure to suggest that the next year will be hyperbolic for BTC.

The reason, he said, is a simple balance between supply and demand: The supply of Bitcoin declined due to the halving in May while buyer demand for new coins only increased.

“Bitcoin could see parabolic spikes in 2021 like 2013 and 2017 if previous patterns repeat themselves.”wrote.

“The new highs are a potential next iteration, and it may only be a matter of time unless we don’t expect the trend towards increased adoption and demand to pick up, given the limited supply.”

Comparative Chart of Bitcoin Supply and Demand. Source: Mike McGlone / Twitter

McGlone was likely referring to recent company acquisitions, along with the promise of PayPal users to line up for the use of Bitcoin and other cryptocurrencies on the platform starting next year.

At the same time, Existing high volume backers like wealth manager Grayscale and the Square payments network aren’t starting to expand their positions until 2020.

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