Kraken Exchange Releases Vip Forecast On Bitcoin And Crypto – Two Triggers To Boost BTC’s Price
The other day marked a historical day for Bitcoin – the third halving eventually executed.
The first two events took place back in 2012 and 2016. It’s been revealed that ahead of the halving whales have been accumulating BTC and crypto analysts at Glassnode said that the number of investors who are holding at least 1,000 BTC or more is rising at a really rapid pace.
The final Bitcoin block with a subsidy of 12.5 BTC was mined by @f2pool_official and contained the following message in its coinbase transaction:
🐟NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescuehttps://t.co/9dtTrC8YH6
— Jameson Lopp (@lopp) May 11, 2020
Two important factors can boost the price of Bitcoin
Kraken recently released its monthly reports on the state of the crypto market.
The report which is sent out to VIP clients said that BTC’s hash rate and the spread of the coronavirus are two important factors to watch these days.
If the hash rate rises and the Covid-19 infection rate slows, Kraken analysts expect to see the price of the king coin rising.
“Should both trends persist, Bitcoin could ascend to a new local high (beyond $10,500) and break what has been a multi-year macro downtrend,” according to the report as cited by the Daily Hodl.
The same notes continue and explain that “Bitcoin has been on a 7-week winning streak after collapsing roughly 50% to $3,900 in mid-March and has market participants anticipating a test of psychologically significant $10,000 resistance.”
Bitcoin follows a 2018 pattern
Kraken said that BTC is following a symmetrical triangle pattern that Bitcoin has traded in since late 2018.
The exchange says that if we see a breakout of the triangle, there’s a new long-term bull ahead. On the other hand, if the king coin breaks to the downside, we could be in for a major dip to $6,000.
Make sure to check out the complete report.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.