Kraken Analysts Update Long-term BTC Target At $350K And ETH At 28K

For the most popular cryptocurrency, Bitcoin, analysts at the US-based cryptocurrency exchange Kraken have set a lofty price objective.

The experts at Kraken utilise historical price data for Bitcoin to forecast BTC’s potential long-term direction in a new letter to traders.

The exchange’s prediction is based on how much BTC’s price has risen during prior bull runs relative to its 200-week moving average.

The experts at Kraken claim that in the past, when Bitcoin’s price touched its 200-week moving average, it increased by 10 to 15 times.

Thus, a projected price range of $237,894 to $356,841 is anticipated.

Source: Kraken Intelligence

If the history is any indication of the future, Kraken is also considering where Ethereum may go.

The exchange makes use of the regression rainbow and logarithmic chart for Ethereum, which depicts the curve representing the price range of ETH over time.

Kraken claims that since the rainbow tends upward, the possible market cycle top will be greater if ETH takes longer than expected to achieve its next resistance level.

According to Kraken, a move to the top range suggests that Ethereum would rise to $28,471, which would be a 1,839% increase from its current price.

Source: Kraken Intelligence

Both Bitcoin and Ethereum have spiked in the past 24 hours after a protracted period of low volatility.

As of publication, Bitcoin is up 4.1% and sitting at $20,121. At $1,469, Ethereum has increased 9.1%.

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