Kraken Answered The Question Everyone Was Wondering: What Is Next For BTC Price
The price of Bitcoin (BTC) break the all-time high records. Bitcoin, which reached $ 41,000 and saw $ 42,000 on some exchanges, rose nearly 110% above the $ 20,000 level. The question that now everyone is wondering, where the price of BTC will stop.
Kraken, one of the leading US cryptocurrency exchanges, has given a rather bullish forecast in a Tweet. Kraken believe that if history repeats itself, a price between $ 79,040 and $ 118,560 could be seen.
The price of Bitcoin rose to $ 19,700, 10 to 15 times above the 200-week moving average level during the rally in 2017. At that time Kraken noted that after these levels, the bear market may start, which it did in 2018. But now the increase of BTC price is different from 2017 as this time institution investors are involved in buying BTC, and Kraken believed that price of BTC will continue to rise.
📈 Assuming history is destined to repeat, one could expect further upside appreciation until #Bitcoin trades at 10x — 15x its 200-week moving average; implying a price between $79,040 and $118,560.
- Kraken Exchange (@krakenfx) January 8, 2021
Kraken is not the only institution or person to predict that the price of Bitcoin will continue to rise. Well-known analyst PlanB notes that the price of Bitcoin will rise above $ 100,000 almost from the beginning of 2019. According to the analyst, BTC is rising almost 10% each week above the 200-week moving average. At such a pace, the BTC price can easily reach $ 100,000 before the end of 2021.
Renowned billionaire and investor Chamath Palihapitiya said he expected the BTC price to rise to $ 200,000, without giving a clear timeframe. In light of all this data and testimony, the idea that $ 40,000 is still not the peak is gaining strength.
Analyst Willy Woo also predicted that Bitcoin rally has not seen its peak yet.
Originally published at https://thecryptobasic.com on January 9, 2021.