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New highs on the horizon as Bitcoin bull-cycle continues

In a new issue of his ‘The Held Report’ published on July 30, Dan Held, the director of growth marketing at crypto exchange Kraken, predicts possible Bitcoin price-action and dynamics towards the end of 2021.

In his report, the Kraken head looks back at the 2013 bull cycle and acknowledged this is what catapulted Bitcoin (BTC) into “mainstream visibility.”

Held says that the circumstances for Bitcoin are far different in 2021, considering much more Bitcoin holders, a massive trading infrastructure and a regulatory structure. Bitcoin’s current price action, nonetheless, closely resembles 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.”

BTC Bull Cycle

Kraken’s head of growth further noted:

“This era is far different.

There are 100M Bitcoin HODLers
There is a massive trading infrastructure in place.
There is a relatively certain regulatory structure.
Institutions: banks, corporations, nation-states, hedge funds, sovereign wealth funds, and insurance companies all now hold Bitcoin.
Even some politicians are outspoken about how they think Bitcoin is a good thing for society.”

Held believes that if Bitcoin is closely following its 2013 path, the number one cryptocurrency will likely trade sideways for a bit longer before ultimately taking off for new all-time highs in the last quarter of 2021. On Twitter he further backed his claims by stating the following:

The post New highs on the horizon as Bitcoin bull-cycle continues appeared first on iGaming.

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Author: Peter Siu