Kraken answered question everyone was wondering: Where Will price of Bitcoin (BTC) stand?
Price of Bitcoin (BTC) did not break the tradition on January 8, again breaking the all-time record. Bitcoin reached $ 41,000 and saw $ 42,000 on some exchanges, rose nearly 110% above the $ 20,000 level. Question that everyone is now wondering is where the rise in the price of BTC will stop.
Net estimate for Bitcoin price: $ 79,040 to $ 118,560
Kraken, one of the leading US cryptocurrency exchanges, has given a rather bullish forecast in a new post it has published. Kraken researchers believe that if history repeats itself, a price of between $ 79,040 and $ 118,560 could be seen.
📈 Assuming history is destined to repeat, one could expect further upside appreciation until #Bitcoin trades at 10x – 15x its 200-week moving average; implying a price between $79,040 and $118,560.— Kraken Exchange (@krakenfx) January 8, 2021
Find out more in the latest Kraken Intelligence report:https://t.co/AUAaniIM3C pic.twitter.com/0ubwa13K8C
So, what is this estimate of the Kraken stock market based on? Price of Bitcoin rose to $ 19,700, 10 to 15 times above the 200-week moving average level during the rally in 2017. Kraken Intelligence noted that after these levels, the bear market may start.
Kraken is not alone in BTC price prediction
Kraken is not the only institution or person to predict that the price of Bitcoin will continue to rise. Well-known analyst PlanB notes that the price of Bitcoin will rise above $ 100,000 almost from the beginning of 2019. According to the analyst, BTC is rising almost 10% each week above the 200-week moving average. At such a pace, the BTC price can be seen to be $ 100,000 before the end of 2021.
Renowned billionaire and investor Chamath Palihapitiya said he expected the BTC price to rise to $ 200,000, without giving a clear timeframe. In light of all this data and testimony, the idea that $ 40,000 is still not the peak is gaining strength.