Bitcoin’s price has declined from its all-time high of more than $58,000 per coin as of February 21 even as it managed to finish the month 37 per cent higher and outperform its peers.Even as bitcoin (BTC) is fast approaching resistance, it remains several tens of thousands of dollars away from entering into “overbought” territory, said a report by the US-based cryptocurrency exchange Kraken published in February 2021. Kraken, among the world’s largest and oldest bitcoin exchanges, noted that bitcoin price may gain much higher before the current bull market ends based on historical price movements. “if bitcoin were to surpass $75,000 in the coming few months, historical price action suggests that the digital currency would then be close to the top of the cycle,” it said.Bitcoin’s price has declined from its all-time high of more than $58,000 per coin as of February 21 even as it managed to finish the month 37 per cent higher and outperform its peers. Bitcoin was up 66 per cent year-to-date as of Sunday as it traded at $48,912, according to the data from CoinMarketCap, at the time of filing this report.
Bitcoin is now trending in a manner most similar to the first quarter of 2013, which was its best first quarter on record. However, if the trend continues, the January-March quarter of 2021 could be a “historic quarter with a relatively outsized return,” Kraken said.
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source https://www.reddit.com/r/btc/comments/m03ftg/bitcoin_is_not_overbought_may_reach_75000_price/
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