As of October 30th, 2020, BitCoin is five days away from trading above $10,000 for a consecutive one hundred days. It has held above this price for 90 days now, which was 30% higher than the key level in history. The only periods comparable to this was back in December 2017 when the commodity rose by 79% to an all-time high of $20,000 and in August 2019 when it traded within a 20% for close to 4 months. These exceptional readings cause the projection that BitCoin is headed for a prolonged bull run for the foreseeable future. This is further supported by the fact that the recent stimulus packages and liquidity pushes by the U.S. government have caused many investors to move wealth towards the safe-haven sector, with Bitcoin being one of the main assets in the sector.
Due to this flux, some market experts hold an optimistic stance in that the commodity will hold a reasonable upward pressure and simply journey towards a fair $15,000. This comes from the belief that to expect booming crypto prices across the entire market is farfetched.
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