Dan Held, the director of growth marketing at crypto exchange Kraken, is predicting what’s next for Bitcoin in 2021.
In a new issue of The Held Report, the Kraken executive credits the 2013 bull cycle with catapulting Bitcoin (BTC) into “mainstream visibility.”
“It [Bitcoin] started the year [2013] at $13, had a spike to $260, then retraced to ~$80 for nearly 6 months until the winter, when it surged again to ~$1,200.”
Held says that the circumstances for Bitcoin are far different in 2021, citing more BTC holders, a massive trading infrastructure and a regulatory structure. Bitcoin’s current price action, however, appears to be mimicking its price action from nearly a decade ago, according to Held.
“As you can see, it is eerily similar with an intense first bull run, then an extended pullback, with one last bull run at the end.”
According to Held, if Bitcoin is closely following its 2013 path, the flagship cryptocurrency will likely chop sideways for a bit longer before taking off in the last quarter of 2021.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Mia Stendal