The 100 days are almost here: without a major event that would cause a bloodbath on the markets, Bitcoin (BTC) should soon be able to reach USD 20,000 without too much worry.
BTC has all the cards – or rather all the numbers – in hand to end this month of October 2020 on a high note and start the month of November under the best auspices.
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The 100 day rule
The TIE indicated in his last newsletter Weekly Insights from Monday October 26, 2020, that Bitcoin has been trading above $ 10,000 for 90 days, a record for the BTC.
The second longest period was when the BTC first crossed the 5-figure mark just days before it jumped almost 80% to $ 20,000.
Bitcoin must therefore remain above 10,000 USD until November 4, 2020 to register his 100th day in the 5-figure club.
This analysis shows why Bitcoin should remain bullish regardless of the outcome of the November 3, 2020 poll, so that would be a good start for the 100 days.
Data from CoinMetrics compiled by twitto Julio Moreno show an explosion in the price of BTC, after it has managed to stay above a specific level for 100 days.
It took only 4 to 5 soft to Bitcoin to reach $ 100 after it has logged its 100 days above $ 10. And it had hit $ 1000 in 2 days, after its price managed to stay above $ 100 in 100 days.
Source: Image via Twitter
Towards a new ATH?
Bitcoin will end this month of October 2020 with one of its highest monthly closing prices. The BTC must reach $ 13,890 at close tomorrow, October 31, 2020, to register a new ATH.
Futures contracts BTC expire today with options BTC CME valued at $ 750 million and open interest that exploded during that month. Bitcoin does not tremble so far.
It is trading at 13,529 USD as of this recording; the BTC is currently experiencing a very slight loss on a daily basis.
Bitcoiners could therefore soon have 100 reasons to watch for $ 20,000. BTC still has one day to hit a new monthly close high. We keep our cool.
Litecoin, welcome in the Silver Age