Fun Fact: If Bitcoin Breaks $300,000, Will Anyone in the Market Still Sell It?

Bitcoin’s last two peaks were 37x and 17x between them

Dan Held, head of business growth at Kraken, recently talked about important assumptions related to the “Bitcoin supercycle.

He estimates that the asset’s price could soar to $1 million, but what happens when the digital asset peaks is an entirely different question.

Dan Held offered his take on the latest “What’s Happening With Bitcoin” podcast, saying that after this rally peaks, the correction witnessed by the market could wane.

He commented, “It certainly won’t just increase from $20,000 to $100,000, it could actually increase from $20,000 to $1 million, and the cycle after that will be shorter, and this could be one of the last big cycles.”

In the interview, Holder explained exactly what this super cycle represents. According to him, the bitcoin bull market at this point would not be overestimated by a bearish correction. He used $300,000 as a reference point to portray his optimistic view of the asset.

“If the price of bitcoin did go over $300,000, do you think anyone would still sell it? Maybe, but as people’s reflexivity kicks in, the discussion about super cycles suddenly gets very intense.”

Fun Fact: If Bitcoin Breaks 0,000, Will Anyone in the Market Still Sell It?

He further explained, “We’re seeing the opposite happen, just like we did a few days ago when bitcoin was down. All the shorts came out and it was like they saw the end of bitcoin and sold all their bitcoins to prove they were right, and then now the market bounced back and became booming again, so all the shorts disappeared again.”

According to him, unlike past bull cycles, in which the world’s largest cryptocurrency experienced an 80% decline after hitting ATH, the current bull market will not go back and forth in the same way.

According to his prediction, at the end of the current boom, “Bitcoin could end up sticking around for a while.”

The chart calculates from history, 37 times and 17 times between Bitcoin’s last two peaks, respectively.

Even if we assume the pattern continues to occur but the multiplier decreases, it’s more than fair to expect BTC to increase 8x over its previous ATH, or $20,000 times 8 , or roughly $160,000 a piece.

Fun Fact: If Bitcoin Breaks 0,000, Will Anyone in the Market Still Sell It?

One might think, “Oh, there’s definitely a bear market coming”, I don’t know, what if it’s just a very mild winter then? Everyone probably predicts, “It has to be like the last bull market, down 80%,” and I think maybe it is, but there seems to be a lot of differences in this cycle.

In addition, there may not be a “normal cycle” for bitcoin due to the massive adoption on the part of institutions. The infusion of institutional capital, growing economic problems and a huge bullish mindset will affect the consolidation phase of bitcoin.

A recent Deutsche Bank survey published that cryptocurrencies are increasingly replacing cash and bank cards among millennials.

Fun Fact: If Bitcoin Breaks 0,000, Will Anyone in the Market Still Sell It?

As a result, Dan soon realized another important impact as well, stating that using bitcoin as a medium of exchange will become another use case, which could also take a decade or even two.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-05-05 07:57
Next 2021-05-05 08:09

Related articles