Kraken analysts predict a surge in the price of bitcoin to a staggering $ 322,478
Analysts of the Kraken cryptocurrency exchange are studying the historical behavior of the Bitcoin price to determine where the main crypto asset can move in the long term.
A new Kraken Intelligence report uses Bitcoin's 200-week moving average as a crystal ball.
In particular, Kraken looks at the multipliers that BTC has traded with relative to its 200-week moving average in the past.
BTC is now trading close to its 200-week moving average of around $21,498, and the chart from Kraken shows that when the Bitcoin price previously fell to 1x from the 200-week moving average, large rallies often followed.
If bitcoin rises 10-15 times again from its 200-week moving average, which Kraken analysts say is in the historical range, it will mean a future price range of $214,985 to $322,478.
Source: Kraken Intelligence.
Kraken Intelligence is scaling up its data by displaying a bitcoin price chart up to its early days.
His chart shows Bitcoin's maximum on December 11, 2017, at about $19,660, when the crypto king multiplier reached a local maximum of 15.2x. This also means a 13.2-fold increase, achieved back in November 2013.
But unfortunately, BTC did not grow 10 times more than every time it touched its 200-day moving average.
In March 2021, the multiplier reached a local maximum of 5.8x, before a significant decline began in the cryptocurrency markets.
https://coin-signal.com/cryptonews/kraken-analysts-predict-a-surge-in-the-price-of-bitcoin-to-a-staggering-322478/
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