“Based on previous cycles, Bitcoin could likely continue appreciating gradually in price before ultimately going parabolic and hitting resistance, which will signal the end of its fourth bull market cycle.“
The logarithmic growth curve between historical tops and bottoms points to a potential oversold territory for Bitcoin above $75,000, with the next bottom occurring around $30,000. Another interpretation of the data puts Bitcoin’s market top even higher, jumping to a peak of $221K or even $306K.
Kraken analysts note that history suggests Bitcoin’s current price is still “far and away” from a market top, with more potential growth to come throughout the year.
On Thursday (March 4), Kraken CEO Jesse Powell told Bloomberg that a $1 million price target for Bitcoin within the next decade is “very reasonable,” and suggested investors treat the asset as if it’s “going to infinity.”