Mati Greenspan: Bitcoin to hit "$250K within a year, If the cycle repeats"

10 Jul, 2019
by Will Heasman

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Today, Chepicap was fortunate enough to talk shop with eToro’s senior market analyst, Mati Greenspan, who shared his take on Facebook's foray into the industry, whether altseason is on the cards or not, and how Bitcoin could reach $250k within the next year…

Currently, Bitcoin (BTC) is hovering at around $12,300, after having made an impressive break above $13k, touching $13,200 in an apparent attempt to test previous highs. For Greenspan, $13k is potentially just the beginning, with the fuel from its impressive 200% parabolic advance, giving Bitcoin, “a lot more room to grow.”

However, in terms of a return to four figures, the analyst doesn’t rule anything out:

“Bitcoin and crypto, in general, is a very high-risk asset class and we always need to know that there is potential for any coin to go to zero.”

Going through the motions

Bitcoins current cycle has been a hot topic of most analyst’s conversations, with a particularly notable correlation to fractals witnessed in the run-up to 2017 bull rally. Currently, BTC appears to be following this price history to a T. For Greenspan this is simply Bitcoin doing Bitcoin…

“Already several times it’s [Bitcoin] gone on these parabolic runs where we see tens of thousands of percent gains, or even more, in a very short period of time … then we see the huge retracements … this cycle seems to be holding up quite well at the moment we saw crypto winter throughout 2018, eighty percent plus retracement on Bitcoin, a period of relaxation, a bit of an altseason, and now things are heating up again …what it looks like as of this morning, is that its about to test those highs again.”

No media circus ... yet

So far in 2019, despite Bitcoin edging back towards its previous highs, the mainstream media has been fairly lukewarm on coverage, shifting their sights instead to Facebook’s incipient cryptocurrency, Libra. However, the mainstream may still shed light on crypto yet:

“Everything we’re seeing so far is consistent with previous cycles, in the beginning of the cycle it's generally driven by people who are already familiar with crypto … and then media interest gradually tends to pick up mid to late cycle…”

As for whether an increase in media attention would lend itself to an increase in price, Greenspan noted that it was “very possible.”

Meanwhile, the analyst remains on the fence about Facebook’s highly maligned cryptocurrency, noting that while skepticism toward the project is understandable - especially give Facebook’s murky history when it comes user privacy - there is still a lot to be gained:

“There’s certainly lots to be skeptical about, but the potential here is huge, everything I’m gathering from the community is that people feel that this is extremely bullish for the industry… it's going to be a potential gateway for cryptocurrencies…”

When altseason?

Diverging to the topic of altseason, Greenspan simply said: “not today,” and judging by the current state of altcoins across the board, he’s not wrong.  Today Altcoins are almost in freefall as Bitcoin continues on to its path to previous highs.

“You cannot predict that kind of market phenomenon,”, explained Greenspan, “an altseason is a particularly special period of time… but I don’t think its something you can really foresee with any accuracy … the best we can do is name it when it happens.”

Greenspan adds that in his estimation altseason has actually come and gone:

“altseason lasted exactly from February 11TH, when we saw that first pop in Litecoin, all the way until April 2nd when bitcoin completely sucked all the air out of the market.”

Bitcoin to $1 million in five years’ time?!

Greenspan isn’t usually one for exorbitant price predictions but luckily this time he humored us:

“I can tell you that with 99% certainty Bitcoin will be between $100 and $1 million within five years’ time,” Greenspan joked, adding: “can it go beyond $1 million? Yeah, it could, but what would need to happen in order for that? I mean we're probably talking a mass devaluation of the US dollar…”

However, the analyst didn’t leave us empty-handed, providing us with a morsel of bullish sentiment, before heading off…

“If the cycle repeats itself, and we’re talking about right now as we’re in the early stages of a parabolic run, we’re looking at $100k, [to] one-quarter of a million within a year…”

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