Mati Greenspan: Bitcoin’s highs are „just getting started“.
The analyst believes that price jumps of more than 250 percent could become the norm in the future.
In his new newsletter, the founder of Quantum Economics reiterates that Bitcoin’s recent jump above the US$23,000 mark, which saw a gain of almost 29 per cent within the last week, is not necessarily a Bitcoin Legacy sign that the market is „overheating“ and will soon crash as it did during its record run in December 2017.
„In our view, it’s just getting started,“ as Mati Greenspan writes accordingly. „We probably shouldn’t use old benchmarks to assess the current gains.“
Accordingly, a sharp rise does not necessarily indicate an all the more severe downturn; rather, a new normality of large price jumps could be establishing itself.
To this end, he explains:
„If demand continues to increase and supply continues to decrease, then it’s very conceivable that on some days we’ll see price jumps of 250% or even more.“
Greenspan also says that „no one in the world can say for sure“ when Bitcoin (BTC) will start to go down again, considering price values between US$23,800 and US$1m per coin conceivable.
Accordingly, he also sees Scott Milner’s forecast as quite realistic, according to which a price of 400,000 US dollars would be justified.
„Now that we have broken through the previous record high, there are no more landmarks in the price chart that would indicate a ceiling formation,“ as Greenspan explains the changed situation. He continues, „There will be a ceiling formation somewhere, of course, that’s for sure.“
Other voices in the crypto industry also see the current surge as evidence of sustainable growth for the market-leading cryptocurrency, with Catherine Coley, managing director of Binance.US, saying:
„As long as the US central bank and country governments around the world take the impact of inflation on their national currencies, there will be a swerve to Bitcoin that will lead to new record highs.“
At press time, Bitcoin is at US$22,863, up 9.8 per cent in the last 24 hours.