Bitcoin (BTC) Price Can Surge 10x If This Scenario Repeats – Predicts Kraken Analyst

Once again, Bitcoin has resumed its downward trade. Is the asset for a bearish yearly close? 

Every cryptocurrency specialist will most likely have a unique assessment or forecast regarding the price of Bitcoin. However, many continue to believe that Bitcoin’s value will eventually rise to $356,841 in the future, despite the recent price drop and volatility in the cryptocurrency market.

However, not all predictions are entirely realistic. 

US-based cryptocurrency exchange Kraken has detailed an extremely lofty price target for Bitcoin. Read on!

What’s In Store For Bitcoin? 

The technicians at Kraken utilize historical price data for Bitcoin to forecast BTC’s potential long-term direction in a new letter to traders.

The projection provided by the exchange is predicated on how far the price of Bitcoin (BTC) has historically gone above its 200-week moving average during past bull runs.

After reaching its 200-week moving average, Bitcoin has traditionally experienced a spike of 10x to 15x, as determined by the experts working for Kraken.

This would put the estimated future cost between $237,894 and $356,841.

Kraken has also evaluated Ethereum’s history to evaluate how much it could surge. 

Ethereum’s logarithmic growth curve

• The exchange utilizes the logarithmic chart of Ethereum and its regression rainbow, which depicts the curve of ETH’s price range over time.
• Kraken claims that the longer it takes ETH to reach the next resistance level, the higher the probable market cycle peak will be because the rainbow tends up.
• Ethereum will increase by 1,839% from its current price to a price point of $28,471 if it moves to the upper band.

The volatility of both Bitcoin and Ethereum has increased during the past 24 hours after a protracted period of low turbulence.

At the time of this writing, Bitcoin has increased by 4.1% to reach $20,121. Meanwhile, Ethereum is now at $1,469 after a 9.1% price increase.

Final thoughts

Industry experts remain bullish on the Bitcoin price, which indicates that positive sentiments dominate the market despite adverse circumstances. While it appears that significant change might only manifest next year, there is still hope for price surges in 2022 before the year comes to an end.