{"id":194925,"date":"2021-03-05T17:30:00","date_gmt":"2021-03-05T14:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoins-next-top-could-be-between-75k-and-306k-kraken-research-suggests\/"},"modified":"2021-03-05T17:30:00","modified_gmt":"2021-03-05T14:30:00","slug":"bitcoins-next-top-could-be-between-75k-and-306k-kraken-research-suggests","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoins-next-top-could-be-between-75k-and-306k-kraken-research-suggests\/","title":{"rendered":"# Bitcoin\u2019s next top could be between $75K and $306K, Kraken research suggests"},"content":{"rendered":"

“# Bitcoin\u2019s next top could be between $75K and $306K, Kraken research suggests <\/strong>”
\n<\/p>\n

Analysis of Bitcoin (BTC) price action dating back to 2011 suggests the coin price could next top out somewhere between $75,000 and $306,000, research from Kraken shows.<\/p>\n

Based on one reading of a logarithmic growth curve that connects historical tops and bottoms, a coin price of $75,000 would signal Bitcoin\u2019s entry into overbought territory, marking the end of its current bull run.<\/p>\n

\u201cBased on previous cycles, Bitcoin could likely continue app<\/a>reciating gradually in price before ultimately going parabolic and hitting resistance, which will signal the end of its fourth bull market cycle,\u201d the report states.<\/p>\n

Analysis of historical price retracements throws up some even bolder predictions. All things being equal, if BTC were to continue along its current growth curve and then enter a retracement similar to prior market crashes, the next bottom would be somewhere around $30,000.<\/p>\n

Based on this proposed bottom one can attempt to make predictions about the next market peak, depending on the extent of the retracement.<\/p>\n

Were Bitcoin to retrace 70% during the current cycle, the coin price would have to reach a peak of $102,000 in order to hit the aforementioned bottom of $30,000.<\/p>\n

Similarly, a 90% crash would place the next top at $306,000, while an 86% drop \u2014 the average retracement of previous market cycles \u2014 would imply an upcoming market peak of $221,000. Either way, states the report, history would suggest Bitcoin remains \u201cfar and away\u201d from a market top. <\/p>\n

Diving into the historical data once more, the first quarter of 2021 proved to be the third-best performing quarter in Bitcoin\u2019s 12-year existence, based on return percentage and annualized volatility. <\/p>\n

Kraken\u2019s research shows that March has historically been a bad month for Bitcoin, with the coin price appreciating just twice during this period since it began trading. In the past, March has, on average, underperformed February\u2019s growth by 11%.<\/p>\n

The report also notes that Bitcoin is now trending in a manner similar to the first quarter of 2013 \u2014 the most fruitful Q1 in the coin\u2019s history. A correlation of 0.82 between the two is an encouraging sign and could subvert the historic trend which sees Bitcoin underperform in March. <\/p>\n

Bitcoin recorded five consecutive months of positive returns leading up to the time of publication. That\u2019s a sight witnessed just once before \u2014 in 2017 during the lead up to that year\u2019s bull run and subsequent market peak.<\/p>\n