- Peter Schiff annoyed Bitcoiners by reminding them how Bitcoin tends to crash when it breaches $10,000
- Bitcoin has only stayed over $10,000 for more than 13 days on one occasion
- In 26 attempts, Bitcoin has only successfully held above $10,000 once, in December 2017
Peter Schiff made himself the enemy of Bitcoin fans once again yesterday morning as he proclaimed Bitcoin’s inability to stay over $10,000. As Bitcoin fans celebrated seeing it cross the psychological barrier once more, the gold bug reminded Bitcoiners of the crashes that have followed previous attempts at remaining over $10,000. Bitcoin supporters may scoff at Schiff’s pro-gold and anti-Bitcoin stance, but there’s no arguing with his figures. And in fact, looking deeper into the numbers, Bitcoin has a terrible success rate when it comes to staying over $10,000.
Two of the last three times #Bitcoin rose above $10,000 in Oct. of 2019 and in Feb. of 2020 it soon fell by 38% and 63% respectively. The last time Bitcoin rose above $10,000 was in May, and it only fell by 15%. It’s above $10,000 again today. How big will the next drop be?
— Peter Schiff (@PeterSchiff) July 27, 2020
Bitcoin’s 2017 Breakthrough
Bitcoin famously crossed $10,000 for the first time in November 2017, but, in a sign of things to come, it didn’t stay there for long. FOMO drove it all the way up to $11,400 before it crashed back down to $9,260 on the same day. It would take two more attempts over the next few days to see it convincingly break through and stay above $10,000, where it remained until dropping back down through $10,000 again on January 17 – a seven-week stay.
Bitcoin fans might have been mistaken for thinking that this was a sign of things to come, that Bitcoin would soon regain this level, but in fact the opposite turned out to be true. The following two and a half years would see Bitcoin move up through $10,000 on no fewer than 22 occasions and get thrown back every single time, sometimes within minutes.
1 in 26
The longest Bitcoin has managed to stay above $10,000 since achieving it for the first time is 13 days in July 2019, a feat it repeated again the following month. On every other occasion Bitcoin has only managed to stay above $10,000 for a matter of days, hours, or even minutes before getting rejected back below it again.
December 1, 2017, remains the only time in 26 attempts that we can definitively say that Bitcoin successfully crossed $10,000. Yesterday’s epic move past $10,000 and up to $11,400 could well signal the start of a new bull market, but the data is not in Bitcoin’s favor.
Bitcoin’s record backs up Peter Schiff’s theory that it does not enjoy being over this landmark figure, and it is starting to represent something of a boogeyman for Bitcoin. The sooner it can convincingly clear $10,000 and remain above it for weeks or months rather than days the better. If only to shut Peter Schiff up.