Bitcoin closed at $10,845 Sunday, setting a record of closing above $10,000 for 63 straight days. The previous record was 62 days in 2017.
According to data firm Coin Metrics, Bitcoin began closing above $10,000 on July 27, when it plowed past $9,900 to breach $11,000 in 24 hours. Since then, Bitcoin made an ascent further up to $12,000. There were three attempts to close above $12,000 and Bitcoin successfully did it on Aug. 17, Coindesk reported.
At that point, Bitcoin faced immense selling pressure that culminated in a drastic sell-off on Sept. 3, when the benchmark cryptocurrency fell from $11,398 to $10,160 in 24 hours. Bitcoin is making some serious attempts to reclaim $11,000 and is currently trading at $10.857.
The previous record was in 2017 when Bitcoin was above $10,000 for 62 days, beginning Dec. 1. Bitcoin reached its all-time high of near $20,000 on Dec. 17.
Bitcoin was also briefly above $10,000 for five days beginning Feb. 11 this year. This was followed by a massive sell-off during the March 2020 crash, which saw the cryptocurrency market plummeting alongside the global markets amidst uncertainty regarding the coronavirus pandemic.
Still, the third Bitcoin halving, which cut the issuance of new Bitcoin supply in half, proved to be a catalyst for Bitcoin’s appreciation after the March crash. Amid the coronavirus pandemic and economic uncertainty, many have turned to Bitcoin and gold as a store of value and as a hedge against inflation. With the Bitcoin halving completed, the expected demand and supply scarcity could continue to drive up demand.
Multiple analyses from traders and publications have predicted that Bitcoin is set to revisit and possibly eclipse its previous all-time high price. Bloomberg in its June 2020 Crypto Market Outlook, sais Bitcoin could revisit it as early as late 2020. Other analyses, including the stock-to-flow (S2F) model, are predicting a price of $255,000 per Bitcoin before the next halving.