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May 31, 2021

Here’s What’s Next for Bitcoin As It Enters ‘Sweet Spot’ of Supercycle, According to Dan Held

By Daily Hodl Staff

Dan Held, Bitcoin bull and head of marketing growth at crypto exchange Kraken, says that Bitcoin is entering a period he refers to as the “sweet spot” of a possible supercycle.

Held previously turned heads when he coined the term “supercycle” which refers to a wild parabolic rally in Bitcoin driven by various catalysts, including the entry of institutional money.

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In an interview with Blockworks, Held mentions that institutional buying of Bitcoin may be a big sign that the supercycle is coming to life, with huge unexpected rallies on the horizon.

“The institutions coming in are a big signal for the supercycle as well because it totally changes the dynamic of how much money can flow into this space, and what size. Some of these pension funds have a minimum of a billion-dollar investment. That’s a lot of buying power to buy Bitcoin and that means that Bitcoin’s price needs to move up to accommodate all these new market participants. Ark Invest did an analysis where if 10% of US public company treasuries were put into Bitcoin, Bitcoin would be worth $400,000.”

The early Bitcoin investor says that BTC is entering a sweet spot in the next four to eight months that could launch the world’s leading crypto asset into the high six figures.

“Over the next, I would say four to eight months is our sweet spot of when we should see the peak of the bull run. It could be another 12 months but we will either see if my thesis is validated or invalidated… It will be interesting to see what happens this year and early next year.” 

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Like hedge fund superstar Cathie Wood, the Kraken executive also predicts that central banks may be forced to buy Bitcoin.

“What happens when the world comes to recognize Bitcoin’s value? It’s been largely considered to be a weird libertarian Luddite currency for such a long time. What happens when everyone FOMO’s in? What happens when central banks start buying?…

What the supercycle fundamentally describes is that this time will be different, and there’s a chance that there could be an incredible, incredible bull run where we see the world come to realize Bitcoin’s value and what happens when that occurs.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens

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