Bitcoin could Reach a Price Tag Between $75k and $306k, Kraken Research Report Says

A research carried out by Kraken has unveiled that the price value of Bitcoin could a value in the range between $75,000 and $306,000.

This analysis was derived from a logarithmic growth curve that combines historical peaks and downs of coins. If the Bitcoin price manages to enter $75,000, its growth curve will enter into overbought territory. Hence, Bitcoin’s trending Bull Run will end, marking the beginning of another bull run.

However, the coin will not appreciate overnight. It will still maintain its previous cycles and the coin could continue to appreciate gradually at the price until it hits resistance. The report also stated that when Bitcoin finally hits resistances and starts moving parabolic, it will reach the end of its next bull market which is the fourth market.

A close examination of the survey of historical price downtrends has displayed a stronger and bigger prediction. According to this survey, if the coin should continue on its trending growth curve before entering a downtrend related to prior market crashes, the next bottom may witness at $30,000.

From this proposed bottom price, one can predict the rise. However, this prediction highly depends on the level of the downtrends. If Bitcoin downtrends to 70% during the current cycle, then its coin price may surely attain a peak value of $102,000, just to hit the previously mentioned bottom price of $30,000.

What if a 90% market crash occurs? Then the bitcoin value would attain $306,000. If an 86% drop occurs, the average retracement of the previous market cycle could attract an upcoming market peak of $221,000.

When the BTC performance is divided into previous data, one would realize that the first quarter of 2021 happened to be the third-best profitable quarter ever since Bitcoin came into existence. This calculation can be actualized based on annualized volatility and return percentage.

Kraken’s research has shown that March has been a bad month for Bitcoin. The coin price appreciates just twice within the period. Previously, based on records, the month of March on average has always underperformed February’s growth by 11%.

The report went head to prove that Bitcoin is currently trending in the same manner as its first-quarter in 2013. This has been the most positive Q1 in Bitcoin’s history. The two trends have a correlation of 0.82. This correlation is an encouraging sign, and it may undermine the historic trend that makes Bitcoin underperform in March.

Bitcoin has recorded five months of profitable returns recently. In 2017, Bitcoin investors also witnessed the same profitable returns.

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