- Bitcoin last week beat its $10,000+ record, staying there for 38 days
- It beat 2017’s record by six days before dropping back to $9,800
- This event boosts Bitcoin’s chances of setting a long term valuation above $10,000
Bitcoin’s record of staying over $10,000 is not great, but the recent push to $12,000 has seen it beat the record for the most amount of time over $10,000. Its 38-day spell above the psychological barrier of $10,000 beats the 32 days it set in 2017 and could suggest that, despite dropping back under it again, Bitcoin is ready to make $10k its ground floor.
Bitcoin Breaks 2017’s Record
When Bitcoin first crossed the $10,000 barrier in November 2017, many believed that it would never go back below it and that the moon beckoned. This couldn’t have been further from the truth however – Bitcoin failed every successive attempt to stay above $10,000, giving it a 1 in 26 success rate of staying above $10,000 for a comparable length of time.
Finally however, after more than two and a half years, Bitcoin has finally beaten its 2017 record, remaining over $10,000 for 38 days between late July and early September. Despite the fact that Bitcoin couldn’t maintain $10,000 for longer, the fact that it has had the strength to beat this record after so many failed attempts surely shows that it is more suited than any time since 2017, and indeed any time in its history, to make $10,000+ its permanent residence.
Reaction to Drop Bodes Well
This suggestion is boosted by what has happened since Bitcoin dropped back from $10,000 last week. Whereas in the past a drop from $10,000 has precipitated further drops, Bitcoin has shown tremendous resilience at this level, bouncing between $9,800 and $10,600 for six straight days.
Some believe that this is simply a precursor to further downward movement, but it could be argued that such a strong defense of the $10,000 region is evidence that Bitcoin is creating a strong ground floor at this key level which might finally allow it to stay above it for good. We saw such resilience in 2018 at the $6,000 level, through which Bitcoin has only fallen through twice, and it Bitcoin can offer a new base at $10,000 then the future could be very bright indeed.