Decentralised Finance (DeFi) has come a long way this year, and evidence is mounting that 2021 is likely to be the breakout year for a crypto bull run, says Bobby Ong. At the same time, he feels that the next six months would be the determining factor.
In a recent podcast interview with Boxmining, the co-founder of CoinGecko, said that though he does have a conservative side, at the same time, a part of him feels “we are almost there for the next bull run”.
This is because, according to him, bear markets usually last between 3-4 years, and “we have already been in a bear market since 2018”.
“Everyone in the crypto space wants to witness the same 2017-18 bull run phase. But a friend did analyse Bitcoin’s weekly chart at the start of 2020 and he said it won’t be a breakout year this year, it will be a breakout year next year. I also think we are building the ground for a 2021 bull market,” Ong said.
The crypto buff claimed to have drawn the inference from analysis on the number of page views on his platform—in the past couple of months, he claims to have noticed that around 1.5 to 2 times rise in traffic.
Singapore-based CoinGecko is one of the most popular cryptocurrency data aggregators in the world.
But Ong has a word of caution. “The next six months will be crucial in determining whether we are going to enter the bull run or not. I think we are still in the early innings like maybe the first base of an actual bull run.”
Ong’s prediction comes a month after billionaire cryptocurrency investor Michael Novagratz claimed that Bitcoin’s price could be touching $20,000 by the end of this year, given the rising interest among investors in the US in BTC as an alternative investment solution in the wake of the current economic turmoil.