Bitcoin (Bitcoin) It is possible to determine the current popular price target of $98,000-but it may eventually become the top of the cycle, new research believes.
In its”October 2021 Market Review and Outlook,” Kraken, a major US exchange, said that if the last bull market was replicated this quarter, Bitcoin should reach around US$96,000.
Imitating Bitcoin may fall below $100,000
Use BTC price prediction Reached 300,000 USD, New analysis from Kraken shows that if BTC/USD replicates its 2017 performance, the top of this cycle may end up still below $100,000.
Although facing the “worst case” November closing price of $98,000, Bitcoin may eventually peak near this level.
“At the current pace, the trend in the fourth quarter is the most similar to the fourth quarter of 2017, with a correlation coefficient of 0.88. It should be noted that the fourth quarter of 2017 continues to be the third-best fourth quarter on record for Bitcoin. The rate of return is +220%,” Kraken wrote.
“Assuming that BTC continues to follow in the fourth quarter of 2017, we can expect BTC to rebound even higher before the end of the month. In some cases, a 220% increase in the fourth quarter of 2021 means that the price of BTC is US$96,355.”
The report also pointed out that historically, November was more volatile and provided the largest monthly return.
A separate forecast involves the Bollinger Bands and Bitcoin’s Relative Strength Index (RSI).
“Historically, the cycle top of BTC is consistent with the reading of BTC touching its upper Bollinger Band and the 1-month Relative Strength Index (RSI) reaching 96,” it added.
It is currently 71.7, so RSI has room for growth in line with the spot price trend. As Cointelegraph Report, This indicator is responsible for some higher BTC price predictions in this cycle.
At the same time, the current reading of the Upper Bollinger Band is about $112,000.
The $1 trillion asset class will continue to exist
Should Bitcoin’s current operations stop at Significant resistance Close to 70,000 US dollars, the decline may not allow the bulls to lose more than 20% or so.
Looking at the cost of each bitcoin changing hands, analyst Willy Woo concluded that the $50,000-60,000 area is sufficient for support.
“Bitcoin is now consolidated as the 1T dollar asset class IMO; it is difficult to see that it is below this area,” he made some comments on Monday and data from the on-chain analytics company Glassnode.
The outline of each bitcoin, the price at which they last changed hands between investors. A huge price verification between US$50,000 and US$60,000.#Bitcoin As an asset class of 1T USD, IMO is now consolidated; it is difficult to see that it is below this area.
— Willy Woo (@woonomic) November 8, 2021