{"id":31635,"date":"2020-11-11T22:52:21","date_gmt":"2020-11-11T20:52:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=31635"},"modified":"2025-08-28T04:40:55","modified_gmt":"2025-08-28T01:40:55","slug":"kraken-holding-bitcoin-in-the-13000-15000-zone-could-push-it-to-fresh-records","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/kraken-holding-bitcoin-in-the-13000-15000-zone-could-push-it-to-fresh-records\/","title":{"rendered":"Kraken: Holding Bitcoin in the $13,000\u2013$15,000 zone could push it to fresh records"},"content":{"rendered":"<p>Kraken analysts see solid grounds for continuing Bitcoin&#8217;s rally toward an all-time high, driven by the FOMO effect and the actions of so-called &#8216;whales&#8217;, while noting signs of a divergence between the price of the leading cryptocurrency and traditional financial assets.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Download the latest volatility report from Kraken Intelligence \u2018Surprise, Surprise, Higher Highs.\u2019<\/p>\n<p>In this report we cover:<br \/>\n\u2195\ufe0f Decreasing month-to-month volatility for <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a><br \/>\n\ud83d\udcc8 Macro trends<br \/>\n\ud83d\ude80 Parabola soon?<\/p>\n<p>Read it here \u23e9 <a href=\"https:\/\/t.co\/3eNUKPKIgP\">https:\/\/t.co\/3eNUKPKIgP<\/a> <a href=\"https:\/\/t.co\/1PbW1UzLEm\">pic.twitter.com\/1PbW1UzLEm<\/a><\/p>\n<p>\u2014 Kraken Exchange (@krakenfx) <a href=\"https:\/\/twitter.com\/krakenfx\/status\/1325853668411891717?ref_src=twsrc%5Etfw\">November 9, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the new Kraken report, the rally to a 33-month high near $14,080 in October was accompanied by a drop in the 30-day correlation with the S&#038;P 500 to a new year-to-date low (-0.34).<\/p>\n<p>Earlier, the indicator reached a seven-week high (0.86).<\/p>\n<p>Positive correlation prevailed throughout 2020.<\/p>\n<div id=\"attachment_116232\" style=\"width: 516px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-116232\" class=\"size-full wp-image-116232\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_21-40-54.jpg\" alt=\"Kraken: \u0443\u0434\u0435\u0440\u0436\u0430\u043d\u0438\u0435 \u043f\u043e\u043a\u0443\u043f\u0430\u0442\u0435\u043b\u044f\u043c\u0438 \u0437\u043e\u043d\u044b $13 000 \u2014 $15 000 \u043f\u043e\u0434\u0442\u043e\u043b\u043a\u043d\u0435\u0442 \u0431\u0438\u0442\u043a\u043e\u0438\u043d \u043a \u043d\u043e\u0432\u044b\u043c \u0440\u0435\u043a\u043e\u0440\u0434\u0430\u043c\" width=\"506\" height=\"397\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_21-40-54.jpg 506w, https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_21-40-54-300x235.jpg 300w\" sizes=\"auto, (max-width: 506px) 100vw, 506px\" \/><\/p>\n<p id=\"caption-attachment-116232\" class=\"wp-caption-text\">Source: Kraken Research.<\/p>\n<\/div>\n<p>A similar divergence formed in Bitcoin&#8217;s relationship with the stock-market fear index VIX and gold. In the latter case, the measure fell to July 20 lows. Over the previous three months, the correlation was positive.<\/p>\n<div id=\"attachment_116233\" style=\"width: 540px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-116233\" class=\"size-full wp-image-116233\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_21-41-50.jpg\" alt=\"Kraken: \u0443\u0434\u0435\u0440\u0436\u0430\u043d\u0438\u0435 \u043f\u043e\u043a\u0443\u043f\u0430\u0442\u0435\u043b\u044f\u043c\u0438 \u0437\u043e\u043d\u044b $13 000 \u2014 $15 000 \u043f\u043e\u0434\u0442\u043e\u043b\u043a\u043d\u0435\u0442 \u0431\u0438\u0442\u043a\u043e\u0438\u043d \u043a \u043d\u043e\u0432\u044b\u043c \u0440\u0435\u043a\u043e\u0440\u0434\u0430\u043c\" width=\"530\" height=\"414\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_21-41-50.jpg 530w, https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_21-41-50-300x234.jpg 300w\" sizes=\"auto, (max-width: 530px) 100vw, 530px\" \/><\/p>\n<p id=\"caption-attachment-116233\" class=\"wp-caption-text\">Source: Kraken Research.<\/p>\n<\/div>\n<blockquote>\n<p>The longer Bitcoin continues to show &#8216;opposition&#8217; to traditional financial assets and withstand uncertainty, the stronger its appeal and status as an alternative investment, the report says.<\/p>\n<\/blockquote>\n<p>Despite a strong October, annualised volatility for the month fell to a 19-month low (35.5%). Analysts expect a more volatile November \u2014 the historical median is 85%, and the median price gain is 14%.<\/p>\n<div id=\"attachment_116234\" style=\"width: 594px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-116234\" class=\"size-full wp-image-116234\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_21-43-58.jpg\" alt=\"Kraken: \u0443\u0434\u0435\u0440\u0436\u0430\u043d\u0438\u0435 \u043f\u043e\u043a\u0443\u043f\u0430\u0442\u0435\u043b\u044f\u043c\u0438 \u0437\u043e\u043d\u044b $13 000 \u2014 $15 000 \u043f\u043e\u0434\u0442\u043e\u043b\u043a\u043d\u0435\u0442 \u0431\u0438\u0442\u043a\u043e\u0438\u043d \u043a \u043d\u043e\u0432\u044b\u043c \u0440\u0435\u043a\u043e\u0440\u0434\u0430\u043c\" width=\"584\" height=\"232\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_21-43-58.jpg 584w, https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_21-43-58-300x119.jpg 300w\" sizes=\"auto, (max-width: 584px) 100vw, 584px\" \/><\/p>\n<p id=\"caption-attachment-116234\" class=\"wp-caption-text\">Source: Kraken Research.<\/p>\n<\/div>\n<p>Experts counted that around 70,000 bitcoins were realized by holders of addresses with more than 100 coins. But purchases by those with balances below this threshold had a much larger effect.<\/p>\n<p>Kraken researchers believe that maintaining the price in the $13,000\u2013$15,000 range will generate additional demand that will carry into 2021.<\/p>\n<p>Analysts draw a parallel with March 2020, when under similar conditions of accumulating Bitcoin-kite positions a FOMO effect emerged.<\/p>\n<p>The October close at $13,809 (per Kraken data) <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoins-monthly-candle-closed-above-13000-for-the-first-time-since-december-2017\">proved to be<\/a> higher than the previous significant high. This could signal the end of the three-year downtrend and the start of a bullish market.<\/p>\n<p>Bitcoin has traded above $10,000 for a record 97 days in a row. This could point to conditions for a parabolic rise toward an all-time high near $20,000 and above, though researchers do not rule out a correction and a retest of $11,000.<\/p>\n<div id=\"attachment_116235\" style=\"width: 825px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-116235\" class=\"size-full wp-image-116235\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_19-34-15.jpg\" alt=\"Kraken: \u0443\u0434\u0435\u0440\u0436\u0430\u043d\u0438\u0435 \u043f\u043e\u043a\u0443\u043f\u0430\u0442\u0435\u043b\u044f\u043c\u0438 \u0437\u043e\u043d\u044b $13 000 \u2014 $15 000 \u043f\u043e\u0434\u0442\u043e\u043b\u043a\u043d\u0435\u0442 \u0431\u0438\u0442\u043a\u043e\u0438\u043d \u043a \u043d\u043e\u0432\u044b\u043c \u0440\u0435\u043a\u043e\u0440\u0434\u0430\u043c\" width=\"815\" height=\"430\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_19-34-15.jpg 815w, https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_19-34-15-300x158.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/photo_2020-11-11_19-34-15-768x405.jpg 768w\" sizes=\"auto, (max-width: 815px) 100vw, 815px\" \/><\/p>\n<p id=\"caption-attachment-116235\" class=\"wp-caption-text\">Source: Kraken Research.<\/p>\n<\/div>\n<p>Earlier, analyst PlanB <a href=\"https:\/\/u1f987.com\/en\/news\/planb-bitcoin-set-to-reach-100000-288000-by-december-2021\">confirmed<\/a> that his forecast for Bitcoin to reach $100,000\u2013$288,000 by December 2021 remains valid.<\/p>\n<p>The Winklevoss twins, founders of the cryptocurrency exchange Gemini, <a href=\"https:\/\/u1f987.com\/en\/news\/winklevoss-brothers-500000-per-bitcoin-is-only-a-matter-of-time\">are placing<\/a> higher bets: based on their own analysis they expect Bitcoin to reach $500,000.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forkloglive\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog FEED<\/a> \u2014 all the latest news, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important updates and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kraken analysts see solid grounds for Bitcoin&#8217;s rally toward an all-time high, aided by the FOMO effect and the actions of so-called &#8216;whales&#8217;, while noting signs of divergence between the price of the leading cryptocurrency and traditional financial assets.<\/p>\n","protected":false},"author":1,"featured_media":31636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,193,1145,1252],"class_list":["post-31635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-kraken","tag-market-analysis","tag-reports"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=31635"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31635\/revisions"}],"predecessor-version":[{"id":31637,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31635\/revisions\/31637"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/31636"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=31635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=31635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=31635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}