Friday, January 21

Will there be an all-time high for BTC and ETH in December? Kraken thinks so

Key facts:
  • Kraken believes that bitcoin and ether could top $ 69,000 and $ 4,900 in December.

  • He warns that in the last month there was more demand than supply for BTC and ETH, which shows holdeo.

Cryptocurrency exchange Kraken released a report this month revealing why bitcoin (BTC) and ether (ETH) prices could rise during December, based on its supply and demand analysis.

The company warned that, during the last month, exchanges have made USD 3.7 billion of daily exits to bitcoin cold stores, something that is further exacerbated in ether with USD 4.4 billion. In turn, both cryptocurrencies have presented less supply and more demand.

Kraken explains that this means that investors may be holding their funds in BTC and ETH. Although it could also be that they are being transferred to make fixed terms or loans, he points out that most are possibly holding, that is, storing waiting for them to rise in price to sell later.

The price of bitcoin was down 16% from its all-time high of $ 67,566 on November 8. Source: Coingecko

The year closes with a trend of holdeo of BTC and ETH, maintains Kraken

Even though the prices of the two largest-cap cryptocurrencies have fallen from their all-time highs, the drop has been relatively small and they remain stable, the company mentions. With this in mind, he argues that investors could sell now and “get a healthy profit-making opportunity.”

Nevertheless, the trend of holding the two cryptocurrencies continues, which understands that it reveals a potential bullish sentiment. This makes you believe that the market is not overheated yet. He points out that investors appear to be convinced that they will rise in price and hold the funds, unlike the selling reaction after April’s all-time highs.

At the time of writing this note, being today December 3, it can be seen in the CriptoNoticias calculator that bitcoin is trading at USD 56,730 and ether at USD 4,557. This demonstrates a 16% and 5% decline from their respective all-time highs of $ 67,566 and $ 4,815 that both occurred on November 8.

Kraken notes that This price drop does not represent a downtrend, but is the normal retracement after a high peak. The same holds for Simon Peters, an analyst at the eToro exchange, as reported by CriptoNoticias. With this in mind, the company concludes the analysis by saying that if there is a supply shock, bitcoin could surpass $ 69,000 and ether $ 4,900 in December.

The price of ether was down 5% from its all-time high of $ 4,557 on November 8. Source: Coingecko.