Kraken experts point to a possible rise in bitcoin to $356 841

According to analysts of the crypto exchange, the price of BTC has historically increased 10-15 times after reaching the 200-week moving average

26.10.2022 - 14:15

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The material is not an investment recommendation and is published for informational purposes only.

What’s new? Analysts at the US cryptocurrency exchange Kraken predicted a massive movement in the price of bitcoin. To do this, technical experts used the historical price dynamics of the first cryptocurrency to assess where it might be heading in the long term.

Source: Dailyhodl.com

What do the experts say? The prediction is based on how high the price of BTC rose above the 200-week moving average (WMA) during previous bullish periods. As Kraken analysts found out, the value of the first cryptocurrency has historically risen 10-15 times after reaching the 200 WMA. According to them, the future price range is between $237 894 and $356 841. As of October 26 at 13:30 UTC, bitcoin is trading at $20 470, up 5,62% overnight, according to Binance.

Moving Average is one of the most commonly used types of technical indicators showing the average value of a cryptocurrency’s price over a certain time period.

In early October, Glassnode analysts pointed to a prolonged consolidation of BTC in the range of $18 000 to $20 000. According to experts, this indicates the likelihood of volatility returning to the crypto market soon. Experts from Bloomberg and Arcane Research came to the same conclusion while relying on slightly different indicators in their research.

Finder analysts believe that BTC will continue to trade in a narrow range until the end of the year, but by 2030, it may reach $270 000.

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