Analysts from one of the largest crypto trading platforms in the world, Kraken, stated that Bitcoin could rise to $322,478 or IDR 4.8 billion.
This statement is issued in the Kraken Intelligence report based on statistical analysis, which is also often used in technical analysis.
Kraken Analyst Predicts Bitcoin $322,478
According to a report from Kraken, Bitcoin could experience a significant appreciation of up to $322,478.
Analysts from Kraken use statistical analysis of the Moving Average with 200 weekly candlesticks to determine the long-term appreciation target.
This analysis is based on Bitcoin, which according to the analyst, has moved firmly and is in line with the Weekly 200 Candlestick Moving Average line.
According to him, Bitcoin is currently still moving according to the analysis line, but he found that currently, the price is moving near the line.
Generally, according to this analysis method, when the price approaches the line, there will be a high appreciation, even 10 to 15 times the current price.
The target price set by this analyst is $214.985 to $322.478 or around Rp. 4.8 billion. This target is selected based on the narrative above, where there will be an appreciation of 10 to 15 times the current Bitcoin price.
This analysis uses purely Bitcoin historical data and is not based on genuine sentiment.
One of the main price areas that this analysis refers to is the price of Bitcoin on December 11 2017, at $19,660, which is an appreciation of 15.2 times from when the price was on the Moving Average line around 2016.
Please note that this report also states target appreciation will not be achieved shortly, but it will take several months or even years to come.
If referring to the previous movement, it is likely that this target will achieve within two to four years.
Still Far From The Target
For now, the target looks very far, mainly referring to the report from CryptoQuant.
CryptoQuant stated that the sentiment towards Bitcoin is currently still relatively neutral, which generally brings high volatility.
Currently, from the exchange side, it can be seen that most investors are still selling when referring to the exchange reserve data, which states the number of Bitcoins stored on the exchange.
The good news is that this data is balanced by Netflow positive, meaning that more investors are sending Bitcoin from exchanges to private wallets than the other way around.
This condition indicates a lower possibility for selling pressure to continue to grow.
Next is data from investors, which can be seen from on-chain data where it is seen that from Coinbase, American investors are still buying together with Korean data, indicating a buying impulse.
Unfortunately, this data occurs with the purchase of Bitcoin-based products that have decreased sales, indicating institutional investors may still sell their holdings.
The good news is that this condition will not happen to whales or large retail investors because the aSOPR data indicates that currently, the majority of large long-term investors are experiencing losses, reducing the possibility of selling. After all, there is little chance of selling at a loss.
Currently, derivatives traders, such as futures and options, still look positive when viewed from the open interest or the number of positions opened by traders, which has increased.
Even so, currently, Bitcoin miners still seem to be selling so that the overall sentiment is still neutral, and consolidation or sideways will still occur. Overall, investors and traders are asked to be careful about current conditions, aiming not to be FOMO and following Kraken’s targets, especially with high leverage.
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