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Bitcoin may still return to $ 11,000 – Kraken

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“Bitcoin Could Go to $1,000,000” | Kraken’s Dan Held Explains

Bitcoin may still return to $ 11,000 - Kraken

Bitcoin may still return to $ 11,000 – Kraken
CONTENT

  • Bitcoin has been hovering above $ 10,000 for almost 100 days in a row

  • Experts expect re-testing of eight-year rising support line

  • Reaching Historic High May Become Reality, Kraken Believes

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Cryptocurrency exchange analysts believe bitcoin could test 8-year support line in the $ 11,000 area before resuming growth to all-time highs.

Bitcoin may still return to $ 11,000 - Kraken

Having consolidated above the long-term resistance line, Bitcoin found itself on a parabolic growth trajectory again, as it did in 2017. This is the conclusion reached by analysts of the Kraken cryptocurrency exchange. In the October report, Kraken Intelligence experts note that bitcoin is moving along a parabola, so a breakthrough of the important resistance at $ 13,800 opens the way for the price to a historic high in the $ 20,000 area. At the same time, experts do not exclude the possibility of retesting the eight-year rising bitcoin support line at $ 11 000, which will be the springboard for the next bull jump.

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Source: Kraken Intelligence

Bitcoin has been holding above the psychologically significant $ 10,000 mark for more than 100 days, while in the entire history of its existence, it costs more than $ 10,000 for only 262 trading days, that is, 7% of the total time.

Bitcoin may still return to $ 11,000 - Kraken

Key events until the end of the year

Ahead, experts from Kraken’s analytics department suggest monitoring the following events:

  • November 15, 2020. Bitcoin Cash hard fork
  • November 27, 2020. CME BTC Futures on BTCX20 Expires
  • December 10, 2020. ECB Monetary Policy Meeting
  • December 15, 2020. Meeting of the Federal Open Market Operations Committee of the US Federal Reserve on Monetary Policy
  • December 15, 2020. Deadline for Submission of the Hacked Mt.Gox Refund Plan
  • Bitcoin may still return to $ 11,000 - Kraken
  • December 24, 2020. Expiry date of CME BTC futures on BTCZ20
  • January 6, 2021. The UK Financial Conduct Authority’s ban on the provision of crypto services to retail investors comes into force
  • January 2021. PayPal Q4 2020 Profit Report

Kraken expects similar positive dynamics from November. The average annual volatility this month, according to estimates by Kraken Intelligence, is 85%, and the average return reaches 14%.

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Source: coinmarketcap.com

At the time of this writing, the price of BTC / USDT is $ 15 319.

For the first time, Kraken experts reported the return of bitcoin volatility back in August 2020. Then the exchange noted that the growth of the cryptocurrency to $ 12,000 is only the beginning of a new long-term upward trend..

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