Kraken is confident that bitcoin price will soon be above $ 17,000

  • 14 Aug, 2020
    | SforNews

The bitcoin rate can rise by 50-200% of the current values, that is, up to $ 17,000-34,000. This is the opinion of analysts of one of the oldest exchanges Kraken.

According to analysts, cryptocurrency will rise in price in the coming months. Representatives of the company wrote about this in a mailing list to VIP-clients, and later told in their official blog.

Analysts have named several factors that should confirm their forecast of a rise in the price of BTC.

  • In late July, Bitcoin broke out of a large, 2.5-year “pennant” formation, a move many believe could indicate the start of the next bull cycle. Further, price settled above $10,500, making a higher-high that added support to the upward trend.
  • Now that we are above $11,000, Bitcoin is trading in territory it has only been in for about 2.5% of its entire history. This may lead to higher volatility and higher prices as Bitcoin unlocks new levels of support and resistance and navigates uncharted waters.
  • On 12 separate occasions, Bitcoin’s annualized volatility bottomed between 15% – 30% before climbing, on average, to 140%. Considering that, and the fact that Bitcoin set a 21-month volatility low of 23% on July 24, volatility could exceed 100% as bitcoin rallies somewhere between +50% and +200% in the months ahead.
  • August is historically the third most volatile month on record with a 9-year average annualized volatility of 88%. If the pattern holds, we can expect volatility to continue trending higher next month.

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