Popular American crypto exchange, Kraken has predicted that Bitcoin would surge to $90,000 in its latest report but also warned that there could be double-digit pullbacks if history was to repeat itself with the digital currency.
The number one crypto after crossing the coveted $60,000 has entered its second-most bullish month and could continue the upward surge ending the month with a new all-time high price. Kraken in their report said the same thing for the number one altcoin, Ethereum.
The exchange’s report, however, outlined a potential $10,000 price drop for the primary cryptocurrency if history is to repeat itself before prices go south again. March was all positive for Bitcoin and Ethereum as both coins hit new ATH in the month. Kraken in the report said BTC gained 30 percent closing green in its sixth successive month.
March marks the sixth consecutive month Bitcoin ended in green since 2013 when the top crypto ended seven months back-to-back in greens between November 2012 and May 2013. Kraken report notes that historically, BTC could match the record.
The American exchange firm seems even more bullish on ETH with their report noting that the asset sits between two bands; the $1,462 and $2,695 bands. The firm noted that $2,695 is the next biggest resistance for the coin. Kraken also states that ETH’s potential peak in this cycle is based on logarithmic regression curves. If it is to match its previous run, the price would hit $15,238, a 700 percent surge by March-end.
Kraken, although bullish on crypto, notes that there would be a certain pullback before any significant surge is experienced. It noted that BTC surge support is in two weekly averages which are the 20W EMA and the 21W SMA. Previously, the coin has tested both averages before surging high. However, it has not done the same despite its recent surge.
This post was last modified on April 11, 2021 10:15 am
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