Kraken predicts USD 96,000 BTC price spike as analyst says the market capitalization of 1 ton of Bitcoin “currently”

Bitcoin (BTC) could hit the popular price target of $ 98,000 today – but it could become the top of the cycle, new research argues.

In the October 2021 Outlook and Market Map, the major U.S. stock exchange Kraken says Bitcoin will hit around $ 96,000 if this quarter repeats the last bull run.

Copying Bitcoin can earn under $ 100,000

With BTC price expected to hit $ 300,000, new analysis by Kraken suggests that the top of this cycle could ultimately stay below $ 100,000 if BTC / USD replicates 2017 performance.

Despite calls for a “worst-case scenario” in the November closing price of USD 98,000, Bitcoin could instead peak at this level.

“At the current exchange rates, the fourth quarter tends to be close to the fourth quarter of 2017 with a correlation of 0.88,” writes Kraken. It should be noted that the fourth quarter of 2017 turned out to be Bitcoin’s third best quarter with a return of + 220%, ”Kraken wrote.

“Assuming BTC stays in the footsteps of the fourth quarter of 2017, we can expect BTC to move higher towards the end of the month. In a given context, + 220% would imply a BTC price of $ 96,355 in the fourth quarter of 2021. “

The report also notes that historic November tends to be more volatile and has the highest monthly returns.

A separate prediction includes Bollinger Bands and Bitcoin’s Relative Strength Index (RSI).

“Historically, the peak of the BTC cycle coincided with BTC hitting both the upper Bollinger band and the 1-month relative strength index (RSI) which hit 96,” he added.

The RSI is currently at 71.7 and should therefore increase due to spot price movements. As Cointelegraph reported, the metric is responsible for some of the higher BTC price predictions for this cycle.

Meanwhile, the top Bollinger Bands are currently worth around $ 112,000.

The $ 1 trillion asset class is here to live

If bitcoin’s current trading halts at significant resistance near $ 70,000, a pullback may not send the bulls past about 20%.

Related: “Resistance Is Futile” – 5 Things To Watch For Bitcoin This Week

Looking at the cost of changing hands each bitcoin, analyst Willy Woo concludes that the $ 50,000 to $ 60,000 zone is solid enough to act as a support.

“Bitcoin as an IMO 1T dollar asset class is now consolidated; It’s hard to see it falls under that range, ”read part of his comments on Monday, along with data from online chain analytics company Glassnode.

Assign the contours of each Bitcoin according to the price at which it last changed hands with investors. Huge price confirmation from $ 50,000 to $ 60,000.#Bitcoin as IMO, the asset class $ 1k is now consolidated; It’s hard to see that it falls under this zone.

These dates are @glassnodeURPDs are visualized. pic.twitter.com/pHBlXrk1hs

– Willy Woo (@woonomic) November 8, 2021