Is a New Bitcoin Bull Cycle on the Horizon? Kraken’s Dan Held Looks at BTC’s Trajectory

Dan Held, the director of development advertising and marketing at crypto trade Kraken, is predicting what’s subsequent for Bitcoin in 2021.

In a brand new situation of The Held Report, the Kraken government credit the 2013 bull cycle with catapulting Bitcoin (BTC) into “mainstream visibility.”

“It [Bitcoin] began the yr [2013] at $13, had a spike to $260, then retraced to ~$80 for practically 6 months till the winter, when it surged once more to ~$1,200.”

 

Held says that the circumstances for Bitcoin are far totally different in 2021, citing extra BTC holders, a large buying and selling infrastructure and a regulatory construction. Bitcoin’s present value motion, nonetheless, seems to be mimicking its value motion from practically a decade in the past, in response to Held.

“As you may see, it’s eerily related with an intense first bull run, then an prolonged pullback, with one final bull run on the finish.”

In line with Held, if Bitcoin is intently following its 2013 path, the flagship cryptocurrency will possible chop sideways for a bit longer earlier than taking off within the final quarter of 2021.

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Featured Picture: Shutterstock/Mia Stendal