Crypto.com CEO says that the Bitcoin cycle, currently in the December 2020 phase, is seeing a steady increase in capital flow to BTC
The CEO of Singapore-based digital asset exchange Crypto.com shares his insights on Bitcoin (BTC) after the recent fall from new record highs.
In a new one interview With CNBC, Kris Marszalek says Bitcoin is currently in the midst of a strong uptrend, last seen in December 2020 and January 2021, when BTC began a parabolic rally from $20,000 to over $60,000 in a matter of months.
“We have a lot of proprietary data so we can look back at the 2021 cycle from a retail perspective and compare it to what's happening now. Looking at the data and intent as a signal from retail, we are probably in December 2020 – January 2021. We are seeing metrics like that.”
With the price of Bitcoin drop According to Marszalek, the price fell below $67,000 after breaking through the $73,000 mark last week. According to Marszalek, the benchmark cryptocurrency has previously experienced major fluctuations.
“I think this is largely due to what is happening in the options market and the correction, but you have to keep in mind that this volatility is actually quite low compared to what we have seen in previous cycles.”
Marszalek also remains optimistic that the price of Bitcoin will continue to reach greater heights in the long term.
“I think there would be a steady increase and that's what we want. I think it's due to the size of the market and increasing liquidity. You will see fewer sudden movements. This is an asset you want to hold for decades, not days or weeks.”
At the time of writing, Bitcoin is worth $66,163, down over 4% in the last 24 hours.
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