Bitcoin unexpectedly drops below $ 67,000 before recovering, Kraken predicts cycle high of $ 96,000

Bitcoin fell $ 1,400 in half an hour on November 9 after a quick sell-off hit Tesla stock (TSLA).

BTC price. Source: TradingView

Data from TradingView shows BTC / USD will fall in line with TSLA shortly after Wall Street opens.

After BTC hit a low of $ 66,382, BTC rebounded to remain above $ 67,000 at press time, which is still up $ 1,000 that day.

On the Tesla side, after hitting an all-time high of $ 1,245 on Jan. Bitcoin magazine reported.

On November 9, there was a marked spike in negative sentiment as TSLA lost up to 12% in minutes before recovering. In contrast, BTC has fallen around 2%.

TSLA price. Source: TradingView

Bitcoin tips just under $ 100,000?

follow research Bitcoin new is likely to hit the popular $ 98,000 target today, but it could also turn out to be the culmination of this cycle.

In October 2021 Market Summary and Outlook, the Kraken exchange says Bitcoin will hit around $ 96,000 if this quarter repeats its final bull run.

While many expected BTC to hit $ 300,000, a new analysis by Kraken shows that if Bitcoin replicates 2017’s performance, the top of that cycle will ultimately stay below $ 100,000.

While a worst-case November closing price of $ 98,000 has been forecast, Bitcoin could well peak at this level.

“At the current rate, Q4 / 2021 is close to Q4 / 2017 with a correlation of 0.88. It should be noted that Q4 / 2017 continues to be Bitcoin’s third best Q4 on record, with a return of + 220%.

Assuming that BTC continues to follow Q4 / 2017, we can assume that the price will increase towards the end of the month. A 220% increase in the fourth quarter of 2021 would mean a price of $ 96,355. “

Comparison table benefit Bitcoin in quarters 4th | Source: Kraken

The report also notes that November has tended to be more volatile in the past and also offers the highest monthly returns.

The forecast also mentions Bollinger Bands and Bitcoin’s Relative Strength Index (RSI).

“Historically, the highs of the BTC cycle coincided with prices hitting both the upper Bollinger band and the 1-month RSI of 96.”

The RSI is currently at 71.7 so it is likely to rise along with the spot price movement. This would expect BTC to soar to very high levels this cycle.

Meanwhile, the upper Bollinger Band is currently around $ 112,000.

SIMPLEBollinger bands Above, 1 month RSI chart and price table BTC | Source: Kraken

If Bitcoin’s current rally comes to a halt with strong resistance near $ 70,000, the price is unlikely to fall more than 20%.

Considering the cost per bitcoin traded, analyst Willy Woo concluded that the $ 50,000 to $ 60,000 zone is solid enough to act as a support.

Contour map of each bitcoin at the price at which they last changed hands. Huge price validation between $ 50,000 and $ 60,000.#Bitcoin IMO is now cemented as an asset class of 1 thousand US dollars; hard to see it falls under that zone.

These dates are @glassnode‘s URPD visualized. pic.twitter.com/pHBlXrk1hs

– Willy Woo (@woonomic) November 8, 2021

“Map each bitcoin according to the price at which it was last traded among investors. Price confirmation of $ 50,000-60,000. Bitcoin as a $ 1 trillion asset is now firmly underpinned, it’s hard to see it falling under that zone. “

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Minh Anh

Bitcoin magazine

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