Only 33 Days And Dwindling Remain Where Bitcoin Wasn’t Profitable
This week, Bitcoin nearly touched $16,000, leaving very few days remaining where buying BTC would have been unprofitable. In fact, the number has now dwindled down to just around a month left, and in no time at all, there could be no days left where buying the cryptocurrency was a bad decision.
Bitcoin Has Been Profitable Over 99% Of History, Only 33 Days Remain Unprofitable
Bitcoin price has now set a higher high over the 2019 peak, and the only remaining high to take out that’s left is the all-time high at $20,000. With the momentum the cryptocurrency currently has, the target could be taken out any day now.
The number of days left where buying BTC turned out to be unprofitable, is dwindling by the day now that the top cryptocurrency touched just under $16,000 this week.
There are only 33 total days in which you could have bought bitcoin and lost money.
Buying on 99.1% of days has resulted in profit.
This is why we #HODL
— 21Million (@21MillionCo) November 6, 2020
Now, according to data, only 33 days remain where buying BTC was a mistake and turned out to lead to a loss. At over 99% of any other time within Bitcoin’s twelve-year lifetime, buying BTC would have brought at least some positive ROI.
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This timeframe extends from the end of December, through the first week of January.
Only 33 days remain where Bitcoin price traded higher than it is currently | Source: BTCUSD on TradingView.com
What Happens When The Crypto Bull Market Begins?
Buying BTC at any point in 2020 before yesterday would be been profitable. Bitcoin has also doubled in value since the start of 2020 with more than 100% ROI.
Meanwhile, gold, stocks, and other primary investment assets have performed nowhere near as well. Other cryptocurrencies did even better than Bitcoin, but have learned the hard way recently that none of that matters once the leading cryptocurrency gets started in its bull run.
Bitcoin is following the same path as the last market cycle and could reach $300K at the peak | Source: BTCUSD on TradingView.com
The 100% ROI in 2020, is only the beginning if past market cycles are anything to go by. Projecting the last peak over the current market cycle, Bitcoin is following almost the same exact path and would be projected to reach as high as $325,000.
Related Reading | When Crypto’s Most Reliable Sell Signal Fails, The Bitcoin Bull Run Is On
And while past results aren’t a guarantee of future performance, and never is, Bitcoin’s block reward halving could make it pre-programmed to go parabolic every four years to the date. Supply-based theories put the cryptocurrency well over $100,000 in 2021 based on the asset’s scarce supply, and given the momentum, we’ll soon find out if these valuations models are right.
Featured image from Deposit Photos, Charts from TradingView.com
OhNoCrypto
via https://www.ohnocrypto.com
Tony Spilotro, @KhareemSudlow