Let us analyze the crypto market. There is a new record for the action of Bitcoin on United States election day. Thus, it means that a hundred thousand dollars could form a price target. That is what historical data suggests.
BTC (Bitcoin) has officially beaten a new record. This is because BTC/USD has traded above ten thousand dollars for a hundred days and significant gains must come next.
The voting for the United States’ presidential election ended on November 3. Thus, Bitcoin saw a landmark moment of its own – a hundred days straight trading in five figures.
The achievement is not just as impressive as a record for ten thousand dollars-plus prices. Once Bitcoin trades above those significant price levels for a hundred days, according to previous data, BTC/USD swiftly increases by order of magnitude.
Last week, Cointelegraph reported that the length of time has differed depending on the price level involved. Nevertheless, the result has been the same – significant gains.
There is more strength to the argument of Bitcoin staying higher. Quantitative analyst PlanB noted that the largest cryptocurrency’s untested two hundred-week moving average has now crossed seven thousand dollars for the first time.
If the historical pattern repeats itself, Bitcoin will gain more relative to the two hundred WMA the closer it gets to its next block subsidy halving in 2024.
Bitcoin might go parabolic next year. It will happen in case if it follows its behaviour after previous halvings. It is what a well-known analyst has forecasted.
Mike McGlone works for Bloomberg Intelligence. He is a senior commodity strategist there. So, in a tweet on November 4, he became the latest to suggest that next year will be a hyper-bullish for Bitcoin.
He said that reason for that is a simple balance of supply and demand. At the latest halving in May, the collection of Bitcoin reduced. Meanwhile, the demand for a buyer for new coins is increasing.
McGlone wrote that Bitcoin might undergo a parabolic 2021. Bitcoin did the same in 2013 and 2017.
New highs are the next potential iteration. It might be a matter of time unless something they do not foresee trips up the trend of greater adoption and demand versus limited supply.
Most probably McGlone referred to recent corporate buy-ins. There is the promise of PayPal users queuing up to use Bitcoin and other cryptocurrencies on the platform from the next year.
Meanwhile, existing large-volume supporters such as payment network Square and asset manager Grayscale are adding to their positions in 2020.
That is the current news of the crypto market.
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