Bitcoin poised for a major rally?
Bitcoin is just a few days shy of 100 consecutive days for closing above $10,000. Experts suggest that if the cryptocurrency can hang on to this level until the US Election Day, there is a great probability that it will push further up to $100,000.
Anticipation for a major rally has been building as the crypto king keeps closing above the $10,000 mark every single day. Statistics from financial data provider CoinMetrics show that historically, when an asset consistently trades higher than a specific price point for 100 straight days, it stands to gain massively shortly thereafter.
To illustrate, historically,BTCUSD traded higher than $10 for 100 days. After 22 more days, Bitcoin broke $100 against the USD. Similarly, after staying above $100 for 100 days, its value suddenly leaped to $1000 after just two more days. The rise from $1000 to $10,000 took considerably longer after the 100-day streak.
BTCUSD is on a 98-day streak closing above $10,000, SimpleFXWebTrader
Data analytics experts at the TIE reported in the most recent issue of its Weekly Insights newsletter that "Bitcoin has held above $10,000 for over 90 days now, currently about 30% higher than this key level. This is the longest period in its history."
The election results will greatly affect macro markets all over the world and will most likely dictate the future trends for Bitcoin.
Bitcoin is up by 91% this year to date, SimpleFXWebTrader
At the time of writing, BTCUSD is trading at $13,738. It is down by 2.44% from the 2020 high at $14,083 and gained 91.81% this year to date. It moves above the 50-, 100-, and 200-day simple moving averages, which are strong bullish signals.
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This article was submitted by SimpleFX.
