Bitcoin has started to get back on its feet since the unexpected drop of $47,000 a few days ago. Kraken’s head of growth, Dan Held, has made some insightful remarks about the ongoing bull rally. Kraken is counted among the largest crypto exchange platforms in the world. Kraken CEO, Jesse Powell, announced a few days ago that the crypto exchange would be publically listed by the start of next year.
In a recent YouTube interview, Held has remarked that Bitcoin bears would be disappointed as there are not many chances of quantifiable bear runs in the cards this time. He referred to the recent dip of Bitcoin and said that many bears sounded like a doomsday siren during that short period. However, as soon as the market was corrected, they all disappeared in a flash.
Dan Held introduced the “Bitcoin Supercycle Theory” on social media. According to him, the flagship cryptocurrency has entered the ultimate bull run. Held attributes the ongoing supercycle to the deteriorating evaluation of the USD, the increase of money supply, the reclining condition of the economy, and a heavy cash inflow by institutional investors.
Dan Held’s Supercycle Theory
According to his supercycle theory, the flagship cryptocurrency would go all the way to the $1,000,000 mark. He further asserts that the Bitcoin market would be so potent at the $300,000 streak that even heavy liquidation influx would not be able to balance out the market demand and keep pushing Bitcoin prices upwards. It would be the deflective image of the market when bears get the chance to become expectant momentarily due to trivial drops.
Held has attached an astonishing remark in his supercycle theory that Bitcoin is going through a once-in-a-lifetime bull run that could be a standalone incident. Held shared his observation that the current bull run is inherently different from any such circuits in the past. This makes him think that even after the end of the ongoing rally, Bitcoin would keep getting upsurge. Held’s predictions have raised many questions for the future of the leading digital currency.