Recently Interview with Bloomberg, Greenspan touched on the latest price action that saw Bitcoin jump more than $ 8,000 this week. While the largest digital currency has since been pulled back to around $ 7,000, Greenspan is very bullish on the leading digital currencies going forward.
"We are only part of a larger cycle. Bitcoin has gone through several cycles before, "he told Bloomberg. "We are talking about 10,000 increases to 50,000 times, and then this has a massive withdrawal that can be 80% or even 90%."
Greenspan separately took to Twitter on Friday to deliver brief technical disruption Bitcoin, noted that if it reverses the current retracement, there are very few resistance points between $ 8,000 and $ 20,000.
IF setbacks retreat now and we continue to pass recent highs, there is almost no major resistance level of up to $ 20,000.
Past performance is not an indication of future results. This is not trading advice. Cryptoassets is very risky. So trade carefully. pic.twitter.com/xKT9534OUt
– Mati Greenspan (@MatiGreenspan) May 17, 2019
As we previously reported, Fibonacci retracement levels based on previous highs were 23.6% ($ 7,024), 38.2% ($ 9,372), 50% ($ 11,269), 61.8% ($ 13,166) and 78.6% ($ 15,867) , according to Greenspan.
In the interruption, Greenspan accurately estimated that we would quickly see $ 7,000 when BTC traded around $ 5,000. Time will tell whether the latest predictions will pay off.
Further: New Bitcoin Begins in the Next Parabolic Cycle, said Greenspan Etoro
Related: eToro Senior Analyst: Bitcoin (BTC) Can Easily Raise up to $ 7,000
Image: Marco Verch / Flickr
Disclaimer: The author of this article has ownership of cryptocurrency tracked here. This article is for informational purposes only and should not be considered as investment advice. Always do your own due diligence before investing.