Bitcoin and ether surged on Wednesday, marking their second day of significant gains.
As of October 26, most major cryptocurrencies are posting single-digit gains and Bitcoin’s momentum has now lasted three days. Bitcoin‘s price increased by 5.15% in the previous 24 hours and by 5.48% in the previous seven days. While the current price fluctuates, BTC holds above the $20,000 level.
After months of trading in a narrow sideways range of $18,000 to $20,000, the recent price spike pushed the total cryptocurrency market capitalization above $1 trillion.
Despite the recent price drop and volatility in the cryptocurrency market, many cryptocurrency analysts predict that Bitcoin’s value will eventually rise to $356,841 in the future.
Kraken, a US-based cryptocurrency exchange that uses historical Bitcoin price data to forecast BTC’s potential long-term direction, has now detailed an extremely lofty price target for Bitcoin.
The exchange’s projection is based on how far the price of Bitcoin (BTC) has historically risen above its 200-week moving average during previous bull runs.
Bitcoin has traditionally experienced a 10x to 15x spike after reaching its 200-week moving average, according to Kraken experts, putting the estimated future cost between $237,894 and $356,841.
The rise in stock prices appears to fuel the rise in cryptocurrency values. Following a series of interest rate hikes to combat inflation, markets are now anticipating a Federal Reserve policy easing.
Bitcoin has only been above $45,000 for brief periods in the last six months, and it hasn’t been above $50,000 since December 25, 2021. Despite the ups and downs, bitcoin’s current price is still far from the all-time high it reached in November when it surpassed $68,000.
Despite the recent price drop, bitcoin is still more than twice as valuable as it was just a few years ago. Many experts believe bitcoin is on its way to passing the $100,000 mark, but while they differ on when that will happen.
