Mati Greenspan: Bitcoin's next parabolic cycle is "just getting started"

17 May, 2019
by Will Heasman
Mati Greenspan: Bitcoin's next parabolic cycle is just getting started

eToro’s senior market analyst, Mati Greenspan, took to Bloomberg TV earlier today to talk about Bitcoin and its recent spate of parabolic action. Greenspan submits that rather than the idea of a reaching a top any time soon, Bitcoin is just getting started in its next bull cycle…

During a live stream on Bloomberg TV, Greenspan explained the recent upswing from Bitcoin was simply the start of a new bull cycle:

“we’re just part of a larger cycle. Bitcoin has gone through several cycles before...  we're talking about sometimes 10,000 – 50,000% gains, and then it has these massive retracements which can be 80% or even 90%.” 

The analyst continues to attribute this cycle to the recent bear winter which saw Bitcoin retrace over 85% from the highs gained back in December 2017.

Greenspan adds that the new cycle is just beginning, “We are just getting started on the next parabolic cycle.”

The conversation then turned to the previous correlation between news coverage and price action which has historically positively coincided. This time, however, bitcoins recent parabolic run appears to be completely independent of any such media frenzy.

Greenspan suggests that this phenomenon is simply the “price causing the coverage,” and not the other way around:

“crypto is the best performing asset class in the world, so far this year … even with yesterday's drop [bitcoin] is up 100% since January … the news headlines we’re seeing indicate that mass adoption is around the corner” 

Greenspan then goes on to relay the flurry of good news that has recently hit Bitcoin and the wider cryptocurrency industry; such as the news of Microsoft adopting the Bitcoin blockchain for its new identity tool, as well as Gemini and Flexa’s partnership, which could well see major retailers such as Starbucks and Whole food accepting Bitcoin and altcoins as a means of payment.

News of Bakkt finally entering the scene also broke last week, with the firm setting a deadline of July for the testing phase of its Bitcoin futures contracts.

Bullish times.

Do you think we're beginning a new cycle? Let us know in the comments!  

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