Dan Held says bitcoin can reach $1 million.Bitcoin is the middle of a market cycle.Right now, it\u2019s bullish.That\u2019s undeniable.Similar to bull runs in both 2013 and 2017, bitcoin has reacted in ways that some analysts predicted. This market cycle, however, is different.Bitcoin, like the rest of the financial markets, was pushed to the brinks in March 2020. The world\u2019s largest cryptocurrency plunged below $4,000 on some exchanges in the second week of March.It was a stress test unlike any previous cycle.Bitcoin survived the stress test.The test included a liquidity crisis, forcing exchanges to react to panicked sellers. No matter the chaos of that 24 to 48 hours, bitcoin did not go to zero. It did not die.In fact, it did the opposite.Since March 2020 lows, bitcoin continues to hit new all time highs and sustain higher lows.COVID provides a unique backdrop to what Dan Held describes as a \u201csupercycle.\u201d Held is currently at Kraken but he\u2019s also a longtime bitcoiner and prominent voice in the crypto space.Held discusses how the built in protocol of halving the bitcoin block reward every four years influences market cycles.Bitcoin\u2019s market cycle is typically around 4 years and some hypothesize the cycle is induced by halvings (a reduction in new supply). The idea being a reduction in supply + increase in demand = number go up. We can call this Bitcoin\u2019s viral marketing loop. Satoshi describes it succinctly:\u201cAs the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value.\u201d \u2014 Satoshi Nakamoto2020 witnessed the third bitcoin halving.Halvings cut the amount of bitcoin that miners for their efforts in half. Miners process transactions and secure the bitcoin network.Bitcoin cycles\u2026<\/p>","protected":false},"excerpt":{"rendered":"
Dan Held says bitcoin can reach $1 million.Bitcoin is the middle of a market cycle.Right now, it\u2019s bullish.That\u2019s undeniable.Similar to bull runs in both 2013 and [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/3430"}],"collection":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/comments?post=3430"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/3430\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/media?parent=3430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/categories?post=3430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/tags?post=3430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}