Bitcoin 4 days away from historic price record. If we persevere until the American elections and the bitcoin rate remains above $10,000, we can expect nice things.
At least, if history repeats itself. Apart from being a nice confirmation of the process of bitcoin maturing, there are also nice price jumps ahead. What exactly can we expect?
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Bitcoin 4 days of price record
If we can believe the data The News Spy of Julio Moreno, who works for CoinMetrics, exciting things can happen. Every time bitcoin acted 100 days above a certain course, we went up in the air.
For example, after we were 100 days above $10, it only took 122 days to reach a price of $100. The same happened after hovering over $100 for 100 days. After that, however, it took only two days before we jumped to the $1000.
The jump from $10,000 to $100,000 may seem unlikely, but the same was true for the jump from $10 to $100 and from $100 to $1000. Bitcoin has been above the $10,000 price level for more than 90 days now, the longest period in the history of the digital currency.
An important month for bitcoin
November could be an important month for bitcoin due to the huge price action of the last few weeks. The US elections are expected to have a major impact on macro-economic markets.
In addition, we will have a difficulty adjustment on Tuesday, which could alleviate transaction costs. They are fairly high at the moment, partly because fewer blocks are being found than normal.
The expectation is that the difficulty will go down by at least 10%. After this, more miners will turn on their machines and the speed at which blocks are found can be increased again. This will result in a greater throughput of transactions and thus lower transaction costs.
Transaction costs are currently at their highest point since the huge hype of 2017/2018. We are going to see if bitcoin can stay above $10,000 for the next 4 days for a new price record.