During the conversation with Bloomberg, Mati Greenspan, the analyst of eToro platform, has expressed the opinion that Bitcoin is on the threshold of a new wave of parabolic growth.
He has also noted, that price hikes and corrections above 80% of the maximum are essential cryptocurrency characteristics. In addition, according to Greenspan, recent increase of Bitcoin`s price marks the beginning of new growth phase.
“This is just a part of one large cycle. Before this, Bitcoin passed several such cycles. However, now we are talking about the growth from 10 000% to 50 000% for short period of time. Then take place deep corrections, which can make up 80% or even 90%”, – the analyst claimed.
As an example of such a correction, Greenspan called the price reduction by 85% after Bitcoin reached a historic high near the $20 000 mark in December 2017. In such a way, recent sharp correction shouldn’t surprise anybody – investment resource notes.
Besides, Greenspan has stressed that now there are a lot of positive news, furthering to mass blockchain and cryptocurrencies adoption. In particular, important initiative is Microsoft’s development of the system of decentralized identification on the bitcoin blockchain. He has also mentioned the HTC smartphone with the support of the full node and large American retailers who started accepting cryptocurrency for payment thanks to the partnership of Gemini and Flexa.