The CEO of Singapore-based digital asset exchange Crypto.com shares his insights on Bitcoin (BTC) following the recent pullback from new all-time highs.
In a new interview Joining 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 above $60,000 in just a few 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. If we look at the data and intent as a signal from the retail side, we’re probably in December 2020-January 2021. We’re seeing metrics like this.”
With the price of Bitcoin drop below $67,000 after topping $73,000 last week, Marszalek says the benchmark cryptocurrency has seen bigger fluctuations before.
“I think this is mainly driven by what’s happening in the options market and the correction, but you have to remember that this volatility is actually quite low compared to what we’ve seen in previous cycles.”
Marszalek also remains optimistic that Bitcoin’s price will continue to reach greater heights in the long term.
“I think you’ll see a steady increase, and that’s what we want. I think it’s because of the size of the market and increasing liquidity. You will see fewer sudden movements. This is an asset you want to keep for decades, not days or weeks.”
At the time of writing, Bitcoin is worth $66,163, down more than 4% in the past 24 hours.
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