Sirwin
Sirwin

BAT Market Cycle Top: Is $10 Possible? (Weekly Forecast)

By Biz Wisdom | Crypto Daily FX | 11 Apr 2021


Basic Attention Token (BAT/BTC) is in bull territory, rallying above the 50 Week EMA and reaching up to the 0.00003 level before finding some resistance, currently trading around 0.000024. BAT has recovered nicely over the past few weeks with a breakout above 0.00002 and the 50 Week EMA, giving BAT an initial base and levels of support before moving higher. 

(April 10, 2021 9:00 PM EST) 

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Outlook: 

Since my last BAT long-term analysis back in November 2020, BAT has recovered nicely as predicted off its lowest point in nearly four years. Now that it's above the first resistance level around 0.00002 and the 50 Week EMA, BAT should be targeting 0.00003 BAT/BTC and then 0.00004, 0.00005, etc. As you can see in the 4Y chart above, BAT tagged the 0.00005 level multiple times throughout 2018 despite the onset of a pernicious bear market while BAT continued to hold on against the satoshi. That being said, 0.00005 is probably a significant level for BAT/BTC as it will likely be a major resistance level and price target for BAT in 2021-2022.

 

Of course, then Brave/BAT was very much a concept/early beta product, whereas now Brave/BAT is a fully operational main-net public web3.0 browser and peer-to-peer BAT ecosystem with over 1M verified content creators and nearly 30 million Monthly Average Users. Given Bitcoin's declining volatility and Bat's increasing use-case/adoption/value, 0.00005 may be a very conservative price target for 2021-2022 and we very likely could see BAT breach the 0.00007 level or possibly even 0.0001 if the stars align. Obviously, BAT has value and is backed by a legitimate, functioning project that has not only successfully launched but is growing at a steady pace. Fundamentally, BAT is an extremely strong and promising project with high upside.

 

There's a realistic probability that BAT can match or even exceed its 2018 peak. Even with conservative price projections, we estimate that BAT is currently in an extremely advantageous position to rise multiples from today's price levels, if not exponentially:

At Bitcoin's current price of ~$60K, a 0.00005 BAT = $3 BAT. 

At a $130K Bitcoin (our primary BTC target for this market cycle top), 0.00005 BAT = $6.50 BAT.

At a $170K Bitcoin, a 0.00007 BAT = $11.90 BAT. 

 

As you can see, if BAT breaks above the 0.00005 level after a Bitcoin rally well into the six-figures, BAT could still have a 10x from today's prices.

 

 

Support: 50 Week EMA around 0.000018 and 0.00002.

 

Resistance: 0.00003, 0.00004, 0.00005, then 0.00007 and ultimately 0.0001 BAT/BTC.

 

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Biz Wisdom
Biz Wisdom

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