Bitcoin Rockets Past Stocks 140x in Five Days, Eyes $80,000

Bitcoin's price has skyrocketed over the past five days, reaching an all-time high of $79,500. The cryptocurrency has gained more than 20%, outperforming the stock market's average annual return by a staggering 140 times.

The S&P 500 has compounded at 10.02% per year since 1928, which translates to a 0.137% gain over five days. In contrast, Bitcoin achieved a 20% gain in the same time frame.

However, analysts warn that there are still three resistance layers blocking Bitcoin's path to $80,000. The current price has to clear these barriers, including a shelf at $79,427 and the round $80,000 mark.

Medium- to long-term analysis suggests that similar moves in the past have resulted in mixed outcomes, with some leading to significant gains and others resulting in losses. Analyst Jamie Coutts found 14 comparable moves, with Bitcoin sitting higher 71% of the time 30 and 90 days later.