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EToro’s senior market analyst says Bitcoin’s recent reversal is just a blip in a renewed long-term parabolic BTC rally.
Mati Greenspan told Bloomberg he believes the next parabolic cycle is just beginning.
“We’re just actually part of a larger cycle. Bitcoin has gone through several cycles before, these massive bull runs. We’re talking about sometimes 10,000% or 50,000% gains within a short period of time. And then it has these massive retracements that can be 80% or even 90%.
And that’s just what we had coming off of $20,000 per coin all the way down to just above $3,000 per coin. That was about an 85% retracement. And the speculation in the market at the moment is we are just getting started on that next parabolic cycle.”
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According to Greenspan, the increasing adoption of blockchain and leading crypto assets will fuel another long-term bull run.
“Bitcoin is the best performing asset class. Crypto is the best performing asset class in the world so far this year. Bitcoin itself has risen, even with yesterday’s drop, 100% since January 1st…
I would say the news headlines that we’ve been seeing are headlines that indicate mass adoption is just around the corner. So for example, Microsoft just announced that they actually want to use the Bitcoin blockchain in order to increase online security. We’ve seen HTC announce that they’re going to produce a phone that you can carry a copy of the Bitcoin blockchain, a full node, right in your pocket.
We’ve seen an announcement from Flexa, which is a payment provider which goes to Whole Foods and thousands of other retailers across the United States that is going to allow people to pay at the cashier with cryptocurrency without the cashier even knowing. It’s going to be a seamless integration.
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So there’s a lot of really, really good news right now. And as well, volumes in the crypto industry right now are at their highest levels ever by far. We saw the CME Group’s futures contracts going above a billion dollars in a single day. Across the top crypto exchanges, they’re all reporting highest ever volumes ever at the moment.”
Analyst Jacob Canfield says he’s also bullish on BTC in the long run, and calls $6,400 an ideal buy zone for BTC.
In the short term, an analyst known in the industry as The Crypto Dog told his 133,000 followers it looks like Bitcoin is not poised to rebound in the near future, while analyst Nicholas Merten says he’s targeting $5,000 as the next Bitcoin bottom.
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