Yesterday Bitcoin set a new record over $10,000.
In fact, it has exceeded 62 consecutive days above this price.
The previous record was obviously set during the speculative bubble at the end of 2017, as on November 30th, 2017 the price of BTC rose for the first time above $10,000 and remained there for 61 days, until January 30th, 2018.
Since then it had never happened again that it was constantly above this figure for so many consecutive days, seeing that in mid-2019, for example, it exceeded the $10,000 threshold four times, but always returned below this threshold within 30 days at the most.
The longest ever streak of consecutive days above $10,000 began on July 28th, 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 going from $8,000 to $20,000 in less than 30 days, and then back to $6,000 in less than 60 days, there does not seem to be any speculative bubble at this stage.
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, in the days leading up to the halving at the beginning of May, BTC had already nearly regained this threshold, only to fall back to just over $9,000 at the beginning of June.
In other words, throughout the course of 2020, it appears that the price of BTC has been targeting $10,000, and only fell sharply below this figure due to the collapse of global financial markets as a result of the coronavirus pandemic.
Therefore, the 62 consecutive days above this threshold appear to be an entirely 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, now that it has set this new record.