Categories: Market

Why Kraken Analysts Predict Bitcoin Hitting $100,000?

From the very first days, the Bitcoin price has always attracted varying price predictions from many crypto analysts as well as skeptics. Kraken, a US-based crypto exchange, believes the price of the top coin could hit $ 100,000 before the end of 2021, here’s why.

BTC will hit $ 100,000 if history repeats itself

follow report Kraken recently suggested, citing data from previous years, that BTC prices tend to rise in the fourth quarter of each year. The stock exchange also claimed that “average returns of +119% and +58%” were consistently achieved during this period.

Accordingly, analysts believe BTC could end the year very close to $ 100,000 if the previous year’s average returns repeat. In Kraken’s words, “With BTC closing the quarter at $ 43,800, a + 119% return would bring BTC to around $ 96,000 in the fourth quarter of 2021.” December of each year is usually the “auspicious” month for Bitcoin.

According to Kraken, BTC will hit $ 96,000 by the end of the year if history repeats itself.

However, when we see the appearance of its average return, it means that BTC could end the year at around $ 69,000. Interestingly, the value of BTC has risen since the beginning of October, reaching highs it hadn’t reached in the previous months.

NFT and DEX promote ETH burning

Regarding other digital assets like Ethereum, Kraken suggested that the amount of ETH burned daily is mainly driven by decentralized exchanges (DEXs) and massive demand for NFTs.

According to them, “the activity on NFTs and DEXs accounts for the bulk of ETH burns, if the demand for NFTs and DEXs declines, it could make ETH less vulnerable to inflation and consequently decrease the demand for temporary digital assets”.

Kraken also acknowledged that the EIP-1559 upgrade had a positive impact on Ethereum fees during the London hard fork.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Thach Sanh

According to CryptoSlate

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

32 mins ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

4 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

6 hours ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

6 hours ago

This website uses cookies.