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If the Bitcoin price can stay above $10,000 by the day of the U.S. elections, history suggests that a $100,000 BTC is next.
Bitcoin has spent nearly 100 days above $10,000 – and if history repeats itself, further price gains could be astronomical.
As noted by various social media users this week, as of Oct. 30, Bitcoin was just five days away from trading above $10,000 for 100 days.
According to data from analytics firm CoinMetrics compiled by Twitter user Julio Moreno, after trading above certain price points specifically for 100 days, Bitcoin subsequently gained by an order of magnitude.
For example, after staying above $10 for 100 days, it took just 122 days for BTC/USD to reach $100. After cracking 100 days above $100, meanwhile, $1,000 appeared in just two days.
Looking at the difference between $1,000 and $10,000, the time period was longer — 150 days to crack five figures after trading at four figures for 100 days.
“Bitcoin has held above $10,000 for over 90 days now, currently ~30% higher than this key level. This is the longest period in its history,” analytics resource The TIE reported as part of the latest edition of its Weekly Insights newsletter on Monday.
“The second longest period was back in December of 2017 when BTC surpassed $10,000 for the first time, just days before it increased by 79% to set it’s all-time high of $20,000. Third was in August of 2019, when Bitcoin traded within a 20% range for nearly 4 months.”
With Nov. 3 as a deadline, attention is focusing on how the coming days will shape Bitcoin price action.
It’s not just the 100-day rule – before then, Bitcoin will finish October likely with one of its highest monthly closes on record. To beat the top, BTC/USD must hit $13,890 by the end of Saturday.
Nov. 3 meanwhile also forms the date of the 2020 U.S. presidential elections, an event whose outcome is widely tipped to have an immediate impact on macro markets.
In other trending Bitcoin News today:
BREAKING NEWS: Iran Central Bank FOMO Begins
Iran has become the first country in the world to use Bitcoin at a state level for value exchange.
Iran has become the first country in the world to use cryptocurrencies at a state level for value exchange.
The Iranian Cabinet has amended legislation to redirect cryptos into the Central Bank of Iran’s funding mechanisms for imports, according to a Saturday report by the official IRNA news agency.
“The miners are supposed to supply the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI,” said the report by CBI and the Ministry of Energy.
The legal cap for the amount of cryptocurrency for each miner would be determined by the level of the subsidized energy used for mining and based on instructions published by the Ministry of Energy.
Iranian money has drastically fallen in value with inflation there at 34%, a situation that has been continuing since 2018.
The country is in the grip of US sanctions, so they can not use dollars for international trade.
They are therefore turning to bitcoin, the first country to do so at a state level, with the famous bitcoin volatility less of a consideration here because the situation is desperate.
Iran’s economy has been contracting for much of last year and this year at circa -10% a quarter, making this a depression.
However, after some experimentation with cryptos starting in 2018, it appears Iran has found a use case in both creating economic value through facilitating crypto mining, and now in using bitcoin for international trade.
For months we have suspected this was their strategy. Now it is in black and white: Iran is bypassing the dollar and other fiat currencies by using bitcoin.
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