Bitcoin (BTC) Could Soar to ,000,000 in Massive ‘Super Cycle’ Says Kraken Executive – Here’s Why

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$1,000,000 – $2,000,000 Bitcoin Price Prediction

The director of business development at Kraken says he believes that the environment is ripe for Bitcoin (BTC) to begin a major long-term bull run.

In a new YouTube interview with Lark Davis, aka the Crypto Lark, Dan Held explains why he thinks Bitcoin’s time has come.

So far, Held argues, Bitcoin has managed to weather the worst of the coronavirus pandemic without the need for intervention.

“We’ve got a halvening. We’ve got a huge macro backdrop where banks are literally printing a million dollars a second, which happened a few weeks ago with the US, the Fed and the Treasury. And so, there couldn’t be a better moment for Bitcoin than now. I’ve waited eight years to see this.”

The crypto exchange executive says the industry as a whole has grown immensely over the years, citing the rise in the number of investors holding onto BTC as well as an increase in mainstream coverage from outlets like CNBC.

According to Held, the current macro backdrop is fuel for the world’s leading cryptocurrency, considering its limited total supply of 21 million units.

Optimistic about Bitcoin’s future, Held points to a contrarian argument that BTC could begin a “super cycle” and move far beyond even the most bullish predictions.

“We’re seeing a scenario where there’s a literal infinite amount of fiat that will be printed, and there’s only 21 million Bitcoin. It’s hard to predict, but long-term, maybe late 2021, is when a lot of the models predict what we might see in historical cycles. The classic models show us at $80,000 to $300,000 per Bitcoin. We could see that. We could see something a little crazier. I call this the Bitcoin super cycle.

We could see Bitcoin enter a super cycle where everyone’s seen that graph of Bitcoin’s price – that log price graph, and you get a little boom bust, boom bust, boom bust. But what if [BTC] went a level step up on a log chart?

If the world truly fears their money being devalued – every institution, every sovereign wealth fund, every central bank – if they all truly fear that, Bitcoin’s not going to stop at $100,000 or $300,000. It could go up to a million or two.”

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

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Scorecard$ES +18% from 2405$CLK -18% from 25$BTC +10% from 6275$VIX -45% from 74

Stocks and bitcoin bottoms are in IMO. VIX short worked like a charm.

— Alex Krüger (@krugermacro) April 14, 2020

As of March 1st, about 42% of all BTC has not been moved on-chain (i.e. transacted) for at least two years. The amount of BTC untouched in more than two years has not eclipsed 42% since July, 2017.

Read more in this week’s State of the Network:

— Nate Maddrey (@natemaddrey) March 3, 2020

Top Analyst on If the Crypto Market Bottomed on “Black Thursday”