Bitcoin Breaks $12,000 Mark During Record Setting Run

The price of Bitcoin shot past the $12,000 mark today, doing so for the third time in 2020. According to CoinMarketCap, Bitcoin’s current price is around $12,015. 

Bitcoin is currently on an unprecedented run, adding everyday to a record setting number of days where the value has closed above $10,000. The previous record of 62 days, set between December 2017 and January 2018, was surpassed on September 29, 2020. Today, Bitcoin is on its 83rd consecutive day above $10,000. 

“Passing $12,000 is a big step as this has been tough to break through for some time. As more than one analyst has noted, there had been significant resistance at that level,” Jason Deane, Bitcoin analyst at Quantum Economics, told Decrypt. 

Deane also added that a further rise for Bitcoin’s price may be on the cards if strong support for the cryptocurrency is built.

“In my view, building quick, strong support above this level will set the stage for further price discovery based on both technical analysis and increasingly positive fundamentals.” Deane said. 

Institutional investors look to Bitcoin

The last time Bitcoin broke the $12,000 mark was in August of this year. During that price increase, Bitcoin experienced somewhat of a rollercoaster ride, initially reaching $12,197, before falling back to $11,780. It then regrouped, propelling to $12,240 before falling back down under the $12,000 bracket, until now. 

In recent months, institutional investors have ramped up their interest in the cryptocurrency, with major names like MicroStrategy and Square making significant Bitcoin buys.

Looking ahead, Bitcoin is setting its sights on breaking 100 days above $10,000. If the famed cryptocurrency does not fall below $10,000 before November 5, 2020, it will have spent 100 days in five-figure territory, a feat never before seen. 

Before then, though, it will have to negotiate the potentially choppy waters of the US election on November 3.