Number of days above 10k by year| 2017 | 33 days |
| 2018 | 47 days |
| 2019 | 78 days |
| 2020 | 15 days and counting |
Months ago I made this post and today bitcoin surpassed its previous mark of 78th days in a single year opening above 10k and it now it has reached 79th days and it has also reached its 72nd consecutive day being above 10k.
While it is true some people have been disappointed by the fact that we have not reached its previous ATH yet, there is one single conclusion we can take from all of this, the price of bitcoin over the long term is increasing and we are slowly leaving behind the 10k level, and whether this happens in a flash like in a bull run or it takes us years it does not matter since the price of bitcoin keeps increasing and its value as an investment does as well.
Do you think we will be able to reach the mark of 100 days opening above 10k during this year or the price will go down before this happens?
Source:
https://www.coingecko.com/en/coins/bitcoin/historical_data/usd#panelThat's some cool data! So overall, it seems that 2019 and 2020 were pretty great for Bitcoin, even though some significant downward trends were also a thing. But that being said, less than 3 months of a solid price out of 12 is not ideal. And the number of days is not increasing fast over the years. If it were around 20 additional days each year, it would take 4 years or a bit more for the price to be over $10k for just half a year. Do you think that's really the pace Bitcoin price is going to take?
Some information is lost when looking at the data from a specific perspective, if you take a look at the data by day, which you can do by clicking on the post I quoted at the op you will see this broken down by day and we can see a clear tendency, the days above 10k on 2017 and 2018 were basically because of the massive bull run we saw in 2017 and the final stages we witnessed on 2018, then the price remained below 10k until June of 2019 with several instances of the price trying to remain above that level and failing to do so.
Finally during this year the price went above those levels on February just for a few days and it did not began its current streak until the end of July, so I think that what we are seeing is an acceleration pattern, there is still a decent chance we go below the 10k level but if that happens I do not think it will last for long, if I were to guess I will probably say 6 months or less before the price went back above the 10k level.
I also think it would be useful to pair this data with that of the price being, say, below $7k, to see whether the gap is getting smaller.
No problem, and as you can see when looking at a lower level the tendency of bitcoin growing in value over the years becomes even clearer.
Number of days above 7k by year| 2017 | 55 days |
| 2018 | 177 days |
| 2019 | 230 days |
| 2020 | 246 days and counting |
Source:
https://www.coingecko.com/en/coins/bitcoin/historical_data/usd#panelEdit: It seems I read your request wrong and instead of the days below 7k I posted the days above 7k, however despite my mistake you can still see the gap getting smaller each year and it is possible we leave the 7k level behind during 2021 or 2022.
