Quick take:
- The Bitcoin Korea Premium Index has just hit a one-year high of 11.97$%
- Also known as Kimchi Premium, it tracks Bitcoin’s value on S. Korean exchanges relative to others
- The index is known to sometimes foreshadow a major Bitcoin price move
- Bitcoin conquering $60k will open the doors to $64k and beyond
The Bitcoin (BTC) Korea Premium Index has just hit a one-year high of 11.97%. This is according to data by the team at CryptoQuant.com shared through the following tweet.
$BTC Korea premium index hit a year high. pic.twitter.com/2tFjIu9S2r
— CryptoQuant.com (@cryptoquant_com) April 4, 2021
What Exactly is the Bitcoin Korea Premium Index?
Also known as the ‘Kimchi Index’, the Bitcoin Korea Premium tracks the price of BTC on South Korean exchanges relative to other global exchanges in Europe and the United States. The term ‘Kimchi’ is in reference to the popular South Korean dish of fermented cabbage.
When it has a positive value, it means that Bitcoin is trading at a higher price on the South Korean exchanges compared to other crypto exchanges. A positive value is also used to gauge the bullishness of traders and in this case, a high premium could be indicative of a major move by Bitcoin to levels above $60k.
Bitcoin Conquering $60k Will Open the Doors to $64k and Beyond
At the time of writing, Bitcoin is trading at $57,600 after a brief dip to $56,500 earlier today. This is after Bitcoin posted a local high of $60,200 on Friday thus providing more reason to be bullish on Bitcoin with the new month of April and the beginning of Q2 2021.
If the King of Crypto can succeed in conquering the $60k price area as support, it would open the doors to higher levels as explained below by the team at Crypterium Analytics.
It is possible that the [Bitcoin] chart could go up to $64,000. If during this growth, it turns out to collect stop-losses of the shortists, then the price can fly up to $66,000 — $67,000.
It should also be noted that March was positive for Bitcoin. During this period, its price increased from $45,000 to $58,000, which is 30% per month. This is 6 months of growth in a row. Bitcoin had similar a result only once in history — in 2012-2013. Then, after rapid growth, the price fell by 33%. We know that history repeats itself, so we advise you to trade Bitcoin very carefully now.
