Bitcoin has set a new record over $10,000.
In fact it has exceeded 62 consecutive days always constantly above this quota.
The previous record was obviously set during the speculative bubble at the end of 2017, since on November 30, 2017 the price of BTC rose for the first time above $10,000 and remained there for 61 days, until January 30, 2018.
Since then it had never happened again that it was constantly above this figure for so many consecutive days, since for example in mid 2019 it exceeded the $10,000 threshold four times, but always returning below this threshold within 30 days at most.
The longest ever streak of consecutive days above $10,000 began on July 28, 2020, and is still ongoing, after 62 days.
Bitcoin above $10,000: not another speculative bubble
Moreover, while the previous record strip was recorded in a period of clear speculative bubble, with the price passed in less than 30 days from $8,000 to $20,000, and then returned to $6,000 in less than 60 days, at this stage there seems to be no speculative bubble.
For example, at the beginning of the year, the price had already risen to over $10,000 and then fell due to the collapse of the financial markets in March.
However, already in the days before the halving, at the beginning of May, BTC had almost recovered this threshold, and then it went down again at the beginning of June to just over $9,000.
In other words, throughout the course of 2020, it seems that BTC’s price has been aiming at $10,000, and has fallen heavily below this figure only because of the collapse of global financial markets due to the coronavirus pandemic.
Therefore, the 62 consecutive days above this threshold seem to be an absolutely organic result, not forced by single short-term events.
Moreover, during this period the maximum price reached was just over $12,000, without any worrying speculative bubble being triggered.
It remains to be seen whether bitcoin will be able to stay in this price zone for a long time yet, now that it has set this new record.