Even as bitcoin (BTC) is quickly approaching resistance, it remains many tens of thousands of dollars away from getting into into “overbought” territory, stated a report by the US-based cryptocurrency exchange Kraken published in February 2021. Kraken, amongst the world’s biggest and oldest bitcoin exchanges, noted that bitcoin value may possibly obtain a lot greater ahead of the existing bull market place ends based on historical value movements. “if bitcoin were to surpass $75,000 in the coming few months, historical price action suggests that the digital currency would then be close to the top of the cycle,” it stated.
Bitcoin’s value has declined from its all-time higher of more than $58,000 per coin as of February 21 even as it managed to finish the month 37 per cent greater and outperform its peers. Bitcoin was up 66 per cent year-to-date as of Sunday as it traded at $48,912, according to the information from CoinMarketCap, at the time of filing this report.
Bitcoin is now trending in a manner most related to the very first quarter of 2013, which was its very best very first quarter on record. However, if the trend continues, the January-March quarter of 2021 could be a “historic quarter with a relatively outsized return,” Kraken stated.
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“By plotting a logarithmic growth curve that connects BTC’s prior market cycle tops (resistance) and bottoms (support) and by making assumptions about how severe BTC will correct upon hitting a cycle high, one will find that BTC likely has plenty of upside left before entering a bear market.”
Importantly, Kraken CEO Jesse Powell had told Bloomberg earlier this week that he expects bitcoin to hit $1-million mark inside the next decade. “In the near term, people see it surpassing gold as a store of value, so I think a million dollars as a price target within the next 10 years is very reasonable,” he stated. Bitcoin’s market place cap had peaked to $1.08 trillion on February 22 ahead of it contracted to $811 billion on February 28. The worth stood at $920 billion, at the time of filing this report.