Bitcoin could be heading to $306K for the next Bull Cycle Kraken
Crypto Specialist – Jamie
A review of Bitcoin (BTC) market activity since 2011 suggests that the value of the coin may peak anywhere between $75K and $306K. The Kraken research demonstrates an analysis of historical data giving a positive picture of the potential development of BTC in 2021.
One analysis of the logarithmic growth curve linking historic peaks and bottoms suggests a potential price to buy Bitcoin at $75,000 will suggest a lead to BTC's entrance into over-bought territory, signaling the end of its current bull run. The article reportedly said that based on past trends it is possible that the value of buying and selling Bitcoin could begin to steadily increase its price until it encounters the possibility of striking resistance and signaling the end of its fourth bull market period.
Looking at the past retracements of prices, some even stronger predictions emerge. With all factors staying stable, if Bitcoin were to advance down its present development trajectory and then move into a retracement matching its recent price collapses, the next bottom is reported to be about $30,000.
On the basis of the proposed bottom line, one should attempt to make predictions of the next market high, according to the magnitude of the retracement. If Bitcoin continues to trace 70% of the current Bull Run, the coin has to jump to a high of $102,000 to reach the mentioned bottom of $30,000.
In the same way, a 90% collapse might set the next high at around $306,000, while an 86% decline, the average retracement of recent and past market periods, would set the peak at around $221,000. However, the study suggests that precedent will show that Bitcoin remains 'far and away' from the top of the market.
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