MATI GREENSPAN ETORO: “THE PRICE OF BITCOIN WILL RISE TO 50 000%”
Senior analyst of the cryptocurrency platform believes that the main digital coin has just begun its ascent to the historical maximum
The recent rise in the bitcoin rate was the beginning of a new “bullish” cycle, said senior analyst at eToro, Mati Greenspan, in an interview with Bloomberg. According to him, the price jumps of cryptocurrency are an integral part of the industry, so today’s decline should not surprise anyone.
“It’s just part of a big cycle. Bitcoin has gone through several cycles before… And now we are talking about an increase from 10 000% to 50 000%, in such a scale, rollbacks that can be 80% or even 90% are not excluded,” Greenspan believes.
The analyst cited the example of a winter decline in the price of bitcoin by more than 85% after the highs reached in December 2017. The current period Greenspan calls the new parabolic cycle.
The expert also said that in recent years, the industry has a lot of positive news that affect not only the cryptocurrency rate, but also its mass adoption. For example, Microsoft is planning to create a system of decentralized identification on the bitcoin blockchain, and large American retailers will start accepting Bitcoin thanks to the partnership of Gemini and Flexa.