March was a good month for the cryptocurrency market, with Bitcoin and Ethereum hitting record highs. Bitcoin in particular gained 30% and closed the sixth month of continuous growth.
Something similar happened again in 2013, when we had a steady rise for seven months, from November 2012 to May 2013. Historical data show that bitcoin could match this record after April, which is by average the second-best month with an average increase of 51%. That means it could reach around $90.000.
According to the Kraken report, when we look at ETH, things look more upward. The report says it ranges between two limits: $1.462 and $2.695. In addition, it estimates that there may be a peak during this market cycle based on logarithmic regression curves. If the year follows its previous course, its price could increase by about 700% from where it was at the end of March to $15.238.
As explained in the report, the upward market support consists of two weekly moving averages, the 20W EMA and the 21W SMA. In previous cycles, the cryptocurrency had tried both before rising higher, but the same has not yet happened during the period we are going through..
On the plus side, both lines have risen by an average of $1.822 and $1.681, respectively, since the beginning of the year. However, the current rate shows that “a possible correction of the upward market will cause a decrease from ‘-29% to -36%’ to ‘-17% to -25%’ approximately.”
Projecting these rates in dollars, Kraken estimates that bitcoin could fall between $44.165 and $48.702.
In the case of ETH, a drop could send it to a three-digit number if the $1.462 support belt is broken. That is, it must remain above this level to continue to rise, otherwise it may lose more than 50% of its value.
