Bitcoin’s October performance aligns with its fourth-quarter 2017 dynamics. If sustained, by year-end Bitcoin would reach the $96,355 level, according to analysts at the cryptocurrency exchange Kraken.
“In October Bitcoin began to repeat the trajectory of Q4 2017 with a correlation of 0.88. That period was the third in history by growth pace at +220%. In this context, by the end of 2021 the first cryptocurrency could rise to $96,355,”, the specialists noted.
Experts warned that November is typically volatile and yields the greatest gains for the month.
Experts noted that previously, a signal of a forthcoming medium-term top was a price hitting the upper Bollinger Band (at 4.5 standard deviations) and the Relative Strength Index (RSI) rising to 96%.
By the end of October, these conditions were not met. The first indicator rose to $112,000, while the second climbed only to 71.7%.
As reported, Stock-to-Flow indicated potential for a continued Bitcoin rally.
Subscribe to ForkLog news on VK!