Analysts of the cryptocurrency exchange Kraken expect that during the next bull cycle Bitcoin price will rise significantly, possibly even to $300k. Analysts make their assumptions based on technical analysis and the history of Bitcoin prices during previous growth cycles.
What are the experts saying? The forecast is based on historical data about how high the BTC price rose above the 200-week moving average (WMA) during previous bullish periods. It was found that after the start of growth and crossing the 200-day moving average, the average price of the first cryptocurrency always rose 10–15 times from the minimum values (with no exceptions).
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According to the calculations of Kraken analysts, the future price range of BTC ranges from $237,894 to $356,841. As a reminder, Bitcoin recently went from $19k to almost $21k in one momentum, while crossing the important WMA line. In other words, this is a very important trade indicator that a new bullish cycle is starting, which will result in a multifold increase in the value of digital assets.
The weighted moving average (WMA) is an important technical indicator that traders use to predict trade direction and make a buy or sell decision. It assigns greater weighting to recent data points and less weighting to past data points.
Looking at the reference chart below, you can see that Bitcoin may need some more time to make a final turn, but analysts say that in the short term (before the New Year) the growth of cryptocurrencies will be obvious to everyone. Reaching the top $200k and above is projected for the second half of 2023 or during 2024.
Unfortunately, these estimations don’t give exact dates for reaching new ATH, but they clearly signal reaching the bottom of crypto winter, reversal and start of a new bull cycle.
Kraken analysts are no less positive about Ethereum’s prospects. In their view, during the next bullish trend, the ETH price at the peak could rise to $28,471, which would be 1,839% of the current values.
They rely on the following logarithmic regression:
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