PlanB predicted that the price of Bitcoin could hit USD 288,000 this year, but the markets will first have to undergo some changes. A recent report from Kraken states that Bitcoin could be worth USD 96,000 if the latest upward trend continues.
The price of the first cryptocurrency in the market reached another all-time high above USD 68,000 for the first time. Bitcoin has become a store of value asset like gold among many investors. For that reason, they use cryptocurrencies as a haven amid growing concerns about inflation.
Analysts point out that this new milestone in the price of Bitcoin occurred on a historic date. The market capitalization of the cryptocurrency exceeded one million US dollars for the first time in November 2010.
Amid the current bullish cycle, PlanB has forecast that the price of Bitcoin could hit USD 288,000 next year. The analyst believes that markets will need to see some real fireworks in 2022 to meet the projection.
Bitcoin is trading at around USD 68,565 and has accumulated a 2.9% profit in the last 24 hours. Its trading volume is more than USD 38.7 billion, and its market capitalization is approximately USD 1.3 trillion, according to CoinGecko.
Kraken Predicts that the Price of Bitcoin Could Hit USD 96,000
Kraken recently published a report titled October 2021 Market Recap and Outlook, which deals with the value of Bitcoin. The document states that it should reach around USD 96,000 if the latest upward trend continues.
The report also notes that November is usually the most volatile month and offers the highest monthly returns. The comments in that document come amid many predictions about the prices of the pioneering cryptocurrency. It particularly mentions the last all-time high that the value of Bitcoin recently reached.
The Whales Motivated the Latest Bitcoin Bullish Run
There is still an expectation of further spikes in the price of Bitcoin among investors. The part of the supply of BTC that has been idle for the last three months has reached an all-time high of 85%.
The most recent report from Glassnode notes that that milestone is due to investors not spending their coins.
Long-term holders are addresses that have not moved their BTC in one or more years. Although they are among those accumulating coins most actively, they only move 6,500 BTC daily.
The CEO of Apple Reveals that He Owns Cryptocurrencies
Apple CEO Tim Cook revealed that he has invested in cryptocurrencies from a personal point of view. He noted that the technology company has not mentioned whether it intends to buy those assets.
The executive told The New York Times that he believes it is reasonable to own it as part of a diversified portfolio. Although he does not recommend anyone to buy cryptocurrencies, he confessed that it is interesting to invest in them.
Cook stressed that he would not invest in cryptocurrencies as he does not believe that people buy Apple shares to expose themselves to cryptocurrencies. He added that Apple has no immediate plans to accept those assets as a form of payment.
By Alexander Salazar
