Crypto exchange Kraken released a report for its VIP traders to the public, and this said that Bitcoin had not reached the market’s top.
This document is plotting BTC’s logarithmic growth curve, which is following BTC’s resistance and support levels over the course of its cycle that dates back to January 2011.
Kraken mapped out $30,620 as the potential long-term support for BTC once the leading crypto asset ends its current bull market and retreats into bear territory.
It’s been also revealed that with the logarithmic growth curve support in place, Kraken calculates the possible peak for the current bull cycle based on BTC’s previous bear market corrections.
“If one were to assume that BTC corrects 70% of this market cycle, BTC would need to be trading at $102,000 to fall down to the log growth curve’s support ($30,620) 385 days from month-end. Meanwhile, a -90% correction implies a price of $306,000 and an 80% correction, or the average retracement of prior market cycles, implies a price of $221,00.”
Regarding what’s in store for Bitcoin, Kraken said that in its territory, BTC has once twice seen positive price appreciation in March, as the Daily Hodl reports.
Kraken CEO says BTC can hit $1 million
The other day we reported that there had been all kinds of optimistic predictions about the price that Bitcoin can reach, but the most recent one is more than bullish.
Kraken CEO Jesse Powell said that Bitcoin could reach $1 million. During a recent interview with Bloomberg TV, he said that Bitcoin’s price would grow by 2,000% in the next decade, and he said that the king coin could reach the mind-blowing figure mentioned above.
“So you know the people that are believers in Bitcoin say it’s going to replace all of the world’s currency, so basically whatever the market cap of the dollar is or the euro, all of that combined is what bitcoin could be worth,” he said.