Bitcoin Price Could Boom In A “Super Cycle”
The crypto market is recovering after the fall in prices from the day before and at the moment of writing this article, Bitcoin is trading in the green, just like the other important digital assets as well.
The current scenery is ideal for Bitcoin to begin a massive bull run
It’s been revealed that the director of business development at Kraken said that he believes the coronavirus is the ideal scenery for Bitcoin to begin a major long-term bull run.
During a recent YouTube interview with lark Davis aka the Crypto Lark, Dan Held explained the reasons for which he’s positive that the time of Bitcoin has come.
Held highlighted the fact that Bitcoin has managed to weather the worst of the coronavirus pandemic without the need for any intervention.
It’s true that the crypto market fell really badly back in March when BTC traded below $4,000, but since then, it managed to recover a lot.
“We’ve got a halving. We’ve got a huge macro backdrop where banks are literally printing a million dollars a second, which happened a few weeks ago with the US, the Fed, and the Treasury. And so, there couldn’t be a better moment for Bitcoin than now. I’ve waited eight years to see this,” Held pointed out as cited by The Daily Hodl.
BTC investors keep coming
The exchange executive said that the industry had grown a lot over the years and he brought up the rise in the number of investors who hold onto BTC and more.
He said that the current scenario involves an infinite amount of fiat that will be printed as the governments are struggling to help people and industries affected by the global crisis triggered by the coronavirus pandemic.
On the other hand, he cited BTC‘s limited supply of 21 million.
He explained that even if it’s a bit hard to predict, “long-term, maybe late 2021, is when a lot of the models predict what we might see in historical cycles. The classic models show us at $80,000 to $300,000 per Bitcoin. We could see that. We could see something a little crazier. I call this the Bitcoin super cycle.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.