BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNewsxbtusd

Kraken Research Team Reveals Next Likely Peak For The Bitcoin Price

Bitcoin’s next peak may fall between $75,000 and $306,000 if the market imitates the same pattern recorded in 2011. This is according to Kraken’s new research which bullishly suggests that the Bitcoin bull run is still ongoing, although there’s an equal chance that Bitcoin could continue blinking red.

Bitcoin could skyrocket to $75,000

According to a logarithmic growth curve which is useful for measuring the previous resistance and support levels, Bitcoin could record a new high of $75,000 says the research.

While bullish for the market, this signals an overbought asset. Although Bitcoin is nearing resistance, the curve suggests that Bitcoin is still far away from reaching overbought territory. Bitcoin’s recent retracement below $50,000 signaled a potential crash to lower lows, precisely because speculations trailed the scenes that Tether’s case with the SEC could close bullish channels for the asset. However, with the new research, analysts’ predictions of a possible up climb above $50,000 may not be very far away.

Bitcoin at $306,000 is a blooming possibility

Should a historical crash follow, Bitcoin could drop to $30,620. And if Bitcoin finally hit the highly anticipated price of $100,000, with an additional $2,000, then $30,620 remains the nearest support for the asset. On the flip side, a massive correction could send Bitcoin to never-before-seen highs of $306,000. From another angle, Bitcoin could make a downward correction to $221,000.

Excerpts from the piece reads:

“if one were to assume that Bitcoin corrects -70% this market cycle, BTC would need to be trading at $102k to fall down the log growth curve’ …
Story continues on Zycrypto

Related posts
BitcoinBitcoin PricecryptocurrencyNews

Bitcoin Reclaims $1 Trillion Market Cap: What’s In Store?

Earlier today, Bitcoin rose to its highest level since late February and regained its $1 trillion market cap. Recently, Bitcoin was unable to break key resistance at $50,000, as it failed to find support over its 50-, 100-, and 200-day…
ArtartistArtStationcarbon footprintCointelegraph.comcriticismDapper LabsNewsNFTNon-fungible Token

'Ecological nightmare' backlash forces ArtStation to drop NFT plans

The announcement ArtStation was launching NFT artworks did not sit well with the platform’s artists, who called for a boycott and threatened to leave the platform. Prominent online art portfolio platform ArtStation has caved in to pressure from artists and…
BitcoinBTC Trading ViewNewsNews 1Trading View

Bitcoin vs CBDC: India's growing need for both

After the first crypto-related ban in 2018 that affected many from the sector, the 2021 proposal to ban all private crypto assets is having a similar effect. With the decision expected “soon,” andThe post Bitcoin vs CBDC: India’s growing need…