Bitcoin could surge to $100k by the time the year ends, according to the latest reports.
There are all kinds of optimistic predictions about the price of the king coin these days, especially since the market looks great.
Kraken drops optimistic BTC prediciton
The latest one comes from the crypto exchange Kraken, which says that Bitcoin could end the year with a massive surge that would more than double BTC’s value from its September closing price.
In a new report, Kraken said that BTC has typically recorded the best annual performance during the last three months of the year (Q4).
“As positive of a quarter as 3Q ended up being for BTC, it ought to be noted that 4Q has historically been BTC’s best quarter with an average and median return of +119% and +58%, respectively.”
Based on the average return recorded over the years, the crypto exchange said that Bitcoin could end the year hovering close to $100,000.
“At BTC’s quarter-end closing price of $43,800, a +119% return in 4Q2021 would put BTC at roughly $96,000.”
Kraken also said that a median return of 58% would see Bitcoin close the year appreciating to $69,000.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $54,756.07.
Kraken also says that October is a month that will be more volatile for Bitcoin than September.
“Shifting focus to October, one will see that the month is typically more volatile than Sept. (average annualized volatility of 66% vs. 61%), and BTC tends to finish +13% higher when looking at historical averages,” Kraken said.
The exchange continued and said that “Though October has the promise of being a favorable month for BTC, one should take heed to November and December being just as favorable for the bulls.”
Stay tuned for more news and keep your eyes on the crypto market.