The United States-based cryptocurrency exchange Kraken predicted that bitcoin could increase to almost $100,000 by the year’s end and could even surpass that mark, according to some technical instruments.
Bitcoin Is Set Towards New Heights
In its “October 2021 Market Recap & Outlook,” the veteran platform – Kraken – explained its bullish prediction with past events. It pointed out that Q4 is usually a highly successful period for bitcoin. As such, if the leading digital asset copies its price rally from 2017, it could hit $96,355 by the end of the current quarter:
“Assuming BTC continues to follow in the footsteps of 4Q 2017, we could expect BTC to rally even higher into month-end. For some context, a +220% return in 4Q 2021 would imply a price of $96,355 for BTC.”
Kraken also outlined the advancements in the cryptocurrency space throughout the last few months, especially those involving bitcoin. The return to price levels not seen since April, pressing up to a new all-time high, the investors’ desire to own BTC describing it as digital gold and the approval of the very first BTC Futures ETF in the US are some of the most significant milestones in the industry, the exchange explained.
Institutional fund flows to Bitcoin during the last month saw an uptick as well. Should the trend continue, the asset will continue to be a top performer in the future, Kraken said. In comparison, the second-largest cryptocurrency project – Ethereum – fell behind significantly in that statistics:
“When looking at institutional fund flows to BTC and ETH investment products, we’ll see that BTC saw historic net inflows of capital in Oct. while ETH barely saw any net inflows for the month.”
Kraken gave a separate price prediction for bitcoin based on two popular technical indicators – Relative Strength Index (RSI) and Bollinger Bands. According to both, bitcoin’s USD value will surpass the mark of $100,000 by the end of Q4.
Bitcoin upper Bollinger Band, 1-month RSI vs. BTC/USD chart, Source: Kraken
Is It Time for $100K?
Similar to Kraken, many experts and participants in the cryptocurrency community expect bitcoin to hit the milestone of $100,000 by the end of 2021.
Adam Back – CEO of the blockchain technology firm Blockstream – is among those. Back in August, when BTC’s USD value stood at around $50,000, he envisioned a price tag of $100K before the year’s end. He also compared bitcoin to gold, stating that the former is the better financial instrument.
Another supporter of that forecast is Skybridge Capital’s CEO – Anthony Scaramucci. Earlier this year, he stated:
“I do think we see $100,000 in this coin before year-end.”
It is worth noting that the stock-to-flow model, created by the pseudonymous “PlanB,” which has been quite accurate in the past, gave even more optimistic bitcoin prediction. According to the analysis, BTC could reach $135,000 at the end of December.
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Tags: Bitcoin (BTC) Price Ethereum Kraken