Analysts at the US-based crypto exchange Kraken are detailing a massive price target for the top cryptocurrency, Bitcoin.
In a new letter to traders, Kraken’s technicians use Bitcoin’s historic price action to predict where BTC may be heading in the long run.
The exchange’s forecast is based on how high BTC’s price has traded above its 200-week moving average in previous bull runs.
According to Kraken’s analysts, Bitcoin’s price has historically surged 10x to 15x after touching its 200-week moving average.
This implies a future price range of $237,894 to $356,841.
Kraken is also looking at where Ethereum may be heading in the long run, if past is prologue.
The exchange utilizes Ethereum’s logarithmic chart and its regression rainbow, which plots the curve of ETH’s price range over time.
According to Kraken, because the rainbow trends up, the longer ETH takes to reach its next resistance level, the higher the potential market cycle top.
Kraken says that a move to the upper band implies Ethereum would reach $28,471, representing a 1,839% burst from Ethereum’s current price.
After an extended period of low volatility, both Bitcoin and Ethereum have popped in the last 24-hours.
Bitcoin is up 4.1% at time of publishing, at $20,121. Ethereum is up 9.1% at $1,469.
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