According to Mati Greenspan who is a senior analyst at eToro and a popular Bitcoin expert, the correction in price for Bitcoin from the $20,000 mark is well expected. He also sees the Bitcoin price surpassing its all-time high as something certain in the future.
As Greenspan told the Express in an interview:
“I don’t know what’s going to happen in the future. I’m really not a fortune teller or anything like that. I believe that more than fear of regulation that decline from the $20,000 peak was more of just a normal retracement.”
He also emphasized that an abrupt increase in the value of an asset is always followed up with a retracement, obviously pointing the entire situation to the $20k Bitcoin decline that occurred at the beginning of 2018:
“Whenever the bitcoin price moves and jumps into a new order of magnitude, we need to see some sort of retracement on that. It’s the same thing that when it jumped up from eight cents to $3.50 then it had a retracement back to a dollar. That’s a very normal thing after that kind of leap. So if we look at it now I believe we are about five or six percent up over the price a year ago.”
It seems like the current situation of the market makes a lot of analysts confident about potential increases. So far, several analysts predicted that Bitcoin could rise to $25,000 by 2019 and even $250,000 in the next couple of years.
However, the market is currently in a different state and the global cryptocurrency exchange market has a daily trading volume of $30 billion with liquidity that is incomparable to the levels in 2014 and the involvement of institutional investors and large traders.
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