Bitcoin price declines but maintains second longest streak

During the last 24 hours, the price of Bitcoin (BTC) has dropped 3.4% but it’s the 29th day in a row with a five-digit valuation, the second longest period to achieve this. Will it become the longest?

The Bitcoin HODLing reaches a maximum of 3 years

Bitcoin price, where is it going?
Over the last few hours, the price of Bitcoin has dropped to its current value of $11,362.

Again, seeing the price of Bitcoin go down exclusively might discourage many. However, just today, Bitcoin turns 29 and maintains a five-digit number.

This represents the second longest streak in BTC’s history, the first occurred in November 2017 and lasted 63 days. Therefore, when looking at a broader perspective of the graph, we can notice how the cryptomone currency has been gradually increasing since mid-July.

Meanwhile, the question is: Where is the price of Bitcoin Loophole headed? Just today, Jeroen Blokland, Robeco portfolio manager, pointed out in a blog post that there’s „too much money to spend“ and that can be positive for Bitcoin.

Specifically, Blokland noted that the M2 indicator of the speed of U.S. money had reached historic lows.

In this sense, Blockland considers that this could reflect that there is too much money to spend. Consequently, PlanB responded to Blockland’s tweet by pointing out that the collapse of the speed of money will only serve to accelerate BTC’s path to an average of $288,000 by 2024.

Meanwhile, let’s remember that last Friday, Skew warned on Twitter that the Bitcoin Futures Open Interest would have reached a historic high of $5 billion. At this moment, according to Skew’s data, the metric is slightly above.

This could mean that, although the price of Bitcoin has seen a relatively quiet week, volatility could soon return to the crypto market.