Kraken report: Bitcoin could reach $90,000, and Ethereum $15,000

Analysts at Kraken have allowed for Bitcoin to rise to $90,000 and Ethereum to $15,000. This is stated in the company’s latest monthly report on the state of the industry.

Experts noted that the current month has been one of the most successful for the largest by market capitalization cryptocurrencies. Price gains are likely to continue. However, before resuming the rally, the first cryptocurrency could face a pullback of at least $10,000.

“Bitcoin closed March up more than 30%, having added more than 10% in price for six consecutive months. Since April has largely been the second month of positive momentum, one might expect that this time as well BTC will reach new heights,” — the report says.

Based on historical data, analysts projected a 50% rise in Bitcoin in April. Given that the month began around $59,000, the move’s target could be at the $90,000 mark.

Kraken analysts highlighted important support and resistance levels for Ethereum — $1,462 and $2,695. By mapping historical price patterns of ETH on logarithmic curves, they concluded that the bull cycle’s peak is still far away. Experts believe Ethereum could rise by about 700% from late-March levels to a high of $15,238.

If this forecast comes true, Ethereum’s market capitalization could reach $1.7 trillion, surpassing Bitcoin’s current level. On the other hand, the path to new highs carries a risk of more than a 50% price retracement.

The firm believes that in recent months, market sentiment has been positively influenced by institutional adoption, the US $1.9 trillion relief package, and increasing applications to launch Bitcoin ETFs.

Earlier, ForkLog gathered opinions from leading figures in the crypto industry on the prospects of several altcoins.

Kraken’s March 2021 Market Recap and Outlook by ForkLog on Scribd

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