According to the claims of Quantum Economics founder Mati Greenspan, the current Bitcoin bull run is just beginning. In his opinion, the gains could reach, in some days, up to 250% or more.
At the same time, he assured that an increase of more than 23,000 dollars per currency would not have effects similar to those of 2017. It should be remembered that, at that time, when reaching the 20K threshold, nervousness seized investors and selling pressure caused the value of Bitcoin to plummet.
Now, Greenspan says, the situation is “totally different.” The increase in the price of the cryptocurrency does not indicate that the market is overheated. On the contrary, it is entering a flood cycle driven by large investors, which means that it is unlikely to stop anytime soon.
Bitcoin’s bull run is fueled by voracious demand
An important aspect of the current Bitcoin bull run is that corrections are seen as a buying opportunity. This stimulates the price of the cryptocurrency to go back and in a very fast time it recovers. This is behavior that could generate even more confidence among investors.
In this sense, Greenspan confirms: «in our opinion, things are just beginning ». At the same time, it highlights that to measure the percentage of profit that Bitcoin could achieve, old analysis criteria should not be used.
“If demand continues to be at these levels and supply remains restricted, there is a good chance that we can see gains in a few days by 250% and even more”said the analyst.
In this way, Greenspan considers that being in unknown territory after the bull run, the price of Bitcoin will present a different behavior.
Can the uptrend of the leading cryptocurrency be reversed?
Another aspect that draws attention is that the uptrend of Bitcoin could be reversed. In other words, the cryptocurrency could turn bearish after a sell-off. However, the aforementioned analyst, although he does not deny that possibility, explains that statistically it is unlikely at this time.
Regarding that, he explains that «no one on the planet can predict when and to what extent Bitcoin will turn bearish if this happens again ». The normal thing, he emphasizes, is that from now on the price is between 23,000 and 1,000,000 US dollars.
On the other hand, he did not rule out the claim of Scott Minerd of Guggenheim Partners, for whom the BTC should be worth $ 400,000.
“Now that we’ve broken past the previous all-time highs, there are no levels left on the chart that could indicate where the price will go” projection. Beyond fearing a hypothetical downtrend, the bull run that is just beginning with the price of Bitcoin should be taken advantage of, he said.
As long as inflation is encouraged, the bullish will be constant
Another of the personalities who referred to the historical moment that the digital currency is going through, was the CEO of Binance from the United States, Catherine Coley. For her, CoinTelegraph highlights, the current bull run is evidence of sustained growth, fueled by weak fiat money.
“As long as the Fed and other government agencies around the world seemingly agree with the effects of inflation on fiat currencies, we will continue to see the diversification thesis in a Bitcoin surge. In this way their prices will exceed the key technical levels », he stated.
Data to take into consideration
- The bull run that Bitcoin is going through right now could be in its first phase. At least that’s the opinion of Mati Greenspan, founder of Quantum Economics.
- The analyst considers that the price of the cryptocurrency is in unknown territory. For this reason, it should not be evaluated with old measurements.
- He explains that going forward, the value of Bitcoin could range from $ 23,000 to $ 1,000,000.
- Other analysts, such as Catherine Coely of Binance United States, say that inflationary policies are the main driver of the value of Bitcoin.
- At the time of writing, the price of the main digital currencies is $ 22,752. Its capitalization is $ 421.5 billion.