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’ …
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