Kraken predicts $96K BTC top price as an analyst claims $1T Bitcoin market capital is ‘now cemented.

Although it may not reach November’s “worst case scenario” close, Bitcoin clearly has upside, according to historical data.
New research suggests that Bitcoin (BTC), while it may reach the $98,000 price target, could also be the top of the cycle. Kraken, a major US exchange, stated that Bitcoin (BTC) could reach $96,000 if it replicates the 2017 bull run. However, there is a possibility that Bitcoin could peak at that level. The current trend is similar to 4Q2017, with a correlation of 0.88. Kraken noted that 4Q2017 was the third-best 4Q in Bitcoin history with a return rate of +220%. A +220% return in 4Q2021 would indicate a BTC price of $96,355″Bitcoin Q4 returns Comparison chart. Source: Kraken. The report also noted that November tends to be volatile and deliver the highest monthly returns. A separate prediction was made regarding Bollinger Bands (RSI) and Bitcoin’s relative strength. “Historically, BTC has seen its cycle tops coincide with BTC hitting both the upper Bollinger band and the 1-month relative strength indicator (RSI) readings of 96,” Kraken stated. Cointelegraph reported that the metric is responsible in part for the higher BTC price predictions for this year. The current reading for the upper Bollinger Band is around $112,000.Bitcoin upper Bollinger Band, 1-month RSI vs. USD chart. Source: Kraken$1 trillion asset class is here for the long-term. Analyst Willy Woo analyzed the cost at which each Bitcoin was traded. He also included data from Glassnode. A map showing every bitcoin at the last time they were traded between investors. Huge price validation of Bitcoin between $50k-60k.– Willy Woo (@woonomic) November 8, 2021

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