đ° BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
Analysis of Bitcoin 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 BTC price of $75,000 would signal Bitcoinâs entry into overbought territory, marking the end of its current bull run.
âBased 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,â 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 â the average retracement of previous market cycles â would imply an upcoming market peak of $221,000. Either way, states the report, history would suggest Bitcoin remains âfar and awayâ from a market top.
Diving into the historical data once more, the first quarter of 2021 proved to be the third-best performing quarter in Bitcoinâs 12-year existence, based on return percentage and annualized volatility.
Krakenâs research shows that March has historically been a bad month for Bitcoin, with the coin price appreciating just twice during this period since it began trading. In the past, March has, on average, underperformed Februaryâs growth by 11%.
The report also notes that Bitcoin is now trending in a manner similar to the first quarter of 2013 â the most fruitful Q1 in the coinâs history. A correlation of 0.82 between the two is an encouraging sign and could subvert the historic trend which sees Bitcoin underperform in March.
Bitcoin recorded five consecutive months of positive returns leading up to the time of publication. Thatâs a sight witnessed just once before â in 2017 during the lead up to that yearâs bull run and subsequent market peak.
In other trending Bitcoin News today:
Kraken CEO Reveals $1 Million Bitcoin Price Target â Hereâs When It Could Happen
Kraken CEO Jesse Powell believes that Bitcoin is set to hit the seven-figure mark.
In a new interview with Bloomberg TV, Powell bets that Bitcoinâs price will grow by roughly 2,000% within the next decade and says it could eventually replace other dominant world currencies.
âSo you know the people that are believers in Bitcoin say itâs going to replace all of the worldâs currency, so basically whatever the market cap of the dollar is or the euro all of that combined is what bitcoin could be worth.
In the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next ten years is very reasonable.â
đ„ Daily Letter: http://letter.cryptonewsalerts.netââââââ
đ„ Blog/Podcast: http://CryptoNewsYes.com
đ„ Subscribe on YouTube: http://CryptoNewsAlerts.net
đ„ Subscribe on Spotify: http://spotify.cryptonewsalerts.net
đ„ Subscribe on iTunes: http://itunes.cryptonewsalerts.net
đ„ Follow on Twitter: https://twitter.com/CryptoNewsYes
đ„ Join our Private Crypto FB group: âș http://fb.cryptonewsalerts.net
đ„ Join our Private Crypto Telegram group: âș http://telegram.cryptonewsalerts.net
đ„ Binance â Buy, Sell or Trade Over 400 Altcoins: âș http://binance.cryptonewsalerts.net
đ„ [IMPORTANT] â Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: âș http://trezor.cryptonewsalerts.net
Ledger: âș http://ledger.cryptonewsalerts.net
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
#bitcoin went from $10K in Oct to $50K in Feb. Do you realize that if we do that same 5x in 5 months, then BTC is $250K in July đ„
â PlanB (@100trillionUSD) March 5, 2021
BitGo has revealed that it holds $250 million in #Bitcoin on its balance sheet.
The digital asset infrastructure company has held #BTC since 2014
â Bitcoin Archive đđđ (@BTC_Archive) March 6, 2021
As a #Bitcoin sovereign individual the number of people Iâm obligated to interact with is very small. This is an underrated luxury.
â Max Keiser (@maxkeiser) March 5, 2021