Bitcoin AnalysisBitcoin PriceCointelegraph.com

Bitcoin’s next top could be between $75K and $306K, Kraken research suggests

A reading of the historical data paints a promising picture for Bitcoin’s potential growth in 2021.
Analysis of Bitcoin (BTC) price action dating back to 2011 suggests the coin price could next top out somewhere between $75,000 and $306,000, research from Kraken shows.Based on one reading of a logarithmic growth curve that connects historical tops and bottoms, a coin price of $75,000 would signal Bitcoin’s entry into overbought territory, marking the end of its current bull run.“Based on previous cycles, Bitcoin could likely continue appreciating gradually in price before ultimately going parabolic and hitting resistance, which will signal the end of its fourth bull market cycle,” the report states.Analysis of historical price retracements throws up some even bolder predictions. All things being equal, if BTC were to continue along its current growth curve and then enter a retracement similar to prior market crashes, the next bottom would be somewhere around $30,000.Based on this proposed bottom one can attempt to make predictions about the next market peak, depending on the extent of the retracement.Were Bitcoin to retrace 70% during the current cycle, the coin price would have to reach a peak of $102,000 in order to hit the aforementioned bottom of $30,000.Similarly, a 90% crash would place the next top at $306,000, while an 86% drop — the average retracement of previous market cycles — would imply an upcoming market peak of $221,000. Either way, states the report, history would suggest Bitcoin remains “far and away” from a market top. Diving into the historical data once more, the first …
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