Home » Kraken Analysts Detail Massive $356,841 Bitcoin Price Target and Potential Ethereum Moonshot As Crypto Markets Pop

Kraken Analysts Detail Massive $356,841 Bitcoin Price Target and Potential Ethereum Moonshot As Crypto Markets Pop

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Analysts at US-based crypto exchange Kraken have detailed a huge price target for top cryptocurrency Bitcoin.

In a new letter to traders, Kraken engineers use bitcoin’s historical price action to predict where bitcoin is headed over the long term.

The exchange’s forecast is based on how far BTC’s price has outperformed its 200-week moving average during past bull markets.

Bitcoin price has historically surged 10- to 15-fold after touching the 200-week moving average, according to Kraken analysts.

This means that the future price range will be from $237,894 to $356,841.

Source: Kraken Intelligence

The Kraken also looks at where Ethereum is headed in the long term if the past is the prologue.

The exchange utilizes a logarithmic chart of Ethereum and a regression rainbow that plots the curve of Ethereum price ranges over time.

According to Kraken, the longer it takes for ETH to reach the next resistance level, the higher the potential market cycle cap, as the rainbow trend is up.

The Kraken says the move to the higher bands means Ethereum will reach $28,471, representing a 1,839% burst from Ethereum’s current price.

Source: Kraken Intelligence

After a long period of low volatility, both Bitcoin and Ethereum have plunged in the last 24 hours.

Bitcoin rose 4.1% to $20,121 at the time of publication. Ethereum is up 9.1% at $1,469.

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