Mati Greenspan Says Bitcoin Is Close To The Next Parabolic Cycle
Bitcoin could be close to the next parabolic run. This is according to Mati Greenspan, the chief analyst of the trading platform eToro. He said that during a recently released conversation with Bloomberg through a live stream.
Bitcoin Could Enter A New Parabolic Cycle
Mati Greenspan believes that Bitcoin is going to be experiencing a new parabolic run. As he explained, the bear market that the space experienced during 2018 was part of one of these cycles in which Bitcoin grows exponentially and then it retraces over 80%.
In 2017, Bitcoin reached $20,000 at the end of the year. After it, the price of the most popular digital asset fell and it reached $3,200 in December 2018. Since that moment, Bitcoin started to grow once again.
During the last few days, Bitcoin experienced a price surge in which the digital asset moved from $4000 to over $8,300. As Greenspan mentioned, the price move causes news coverage rather than in the other way around. He answered this when the host asked whether Bitcoin grows after important news.
Two weeks ago, Binance experienced a hack of over 7,000 Bitcoin that was worth over $40 million at that time. Although this was very negative the news didn’t affect the market and Bitcoin continued to grow. Bitfinex and Thether (USDT) have also been involved in different controversies and are currently being investigated by New York regulatory agencies.
Greenspan said that blockchain and cryptocurrencies continue to be adopted by giants in different industries, including Microsoft. The company is going to be using Bitcoin’s blockchain to secure customers’ personal data. Other positive things he mentioned is that Whole Foods, Starbucks and other retail giants are going to be accepting Bitcoin through Flexa app.
At the time of writing this article, Bitcoin is being traded around $7,300 and it has a market capitalization of over $129 billion.
We wrote a few days ago that Bitcoin is currently registering a larger interest than other important and recognized figures such as Donald Trump or Kim Kardashian, according to data provided by Google Trends. This could be very positive for the digital currency because when the interest in Bitcoin grows, the price tends to follow it. Additionally, Coinbase’s iOS application has reached the “trending” category on the Apple App Store.
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