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Dan Held, the director of growth marketing at crypto exchange Kraken, says that Bitcoin (BTC) could surge by over 500% if the top cryptocurrency follows the cycle of its 2013 bull run.
In a new interview on Altcoin Daily, Held compares the current state of the crypto market to what happened in 2013.
“This is my third cycle… This feels like 2013. We have a big bull run happen in the early part of the year around March, April May. Things kind of fall, come down a little bit, we have a little bit of a retrace, things go sideways…
This does feel like 2013 where we’ve got that intense part in the beginning, sideways chop action, and then later in the year, we have a second wave. So it feels like that.”
Held says that the current trend suggests that a Bitcoin supercycle is in the cards.
“I would say… 2013 applied to now would be my definition of a supercycle, like a mega-cycle, like a supercycle in terms of either a longer bull run than we expected or a much more intense bull run than we expected.
If we go 10x from here, we’re looking at like $400,000 of Bitcoin. That’s what happened in 2013. It went from $100 to $1,200, even 12x. So I would say that kind of puts us squarely in sort of supercycle territory because at $400,000 Bitcoin, that’s basically flippening gold. I still think there’s a chance.”
He also shares his price prediction based on Bitcoin potentially mimicking its 2013 cycle.
“If we repeat 2013, we could see Bitcoin hitting between $300,000-$400,000 Bitcoin. Now. history usually rhymes, it doesn’t repeat itself, so it’s probably not going to be exactly that, but if it did, that would be my best price point.
So my price point, I would say that I think it’s going to land probably between [$100,000 and $300,000]. But if we match 2013 again, it could be [$300,000 to $400,000].”