Bitcoin is at the very beginning of a new bovine cycle, analysts forecast eToro

EToro senior analyst Mati Greenspan gave an interview to Bloomberg TV, in which he spoke about Bitcoin and its recent parabolic surge. The expert is convinced that this is not about reaching the top, but rather Bitcoin is just beginning the next bullish cycle.

“This is only part of a large cycle. Previously, BTC has already gone through several cycles … showing an increase from 10,000 to 50,000%, and then showing large-scale kickbacks, which can be 80% or even 90%. "

The analyst connects this cycle with the recent bearish winter, when Bitcoin rolled back more than 85% of the maximum reached in December 2017.

For this reason, Greenspan believes that "we are just starting the next parabolic cycle."

#ToTheMoon ?????? https://t.co/z1FFQ8rAw9

– Mati Greenspan (@MatiGreenspan) May 17, 2019

Then Greenspan discussed previous correlations between news coverage and price movements, which, as a rule, were the same. At this time, the recent parabolic growth of Bitcoin did not depend on the filing of the media.

“ Cryptocurrencies are the most efficient asset class in the world this year … even with yesterday's fall [Bitcoin] since January, it has grown by 100%. News headlines indicate that mass adoption is just around the corner. ”

In addition, Greenspan reported good news regarding Bitcoin and the cryptocurrency industry, for example, Microsoft's use of the Bitcoin blockchain for its identification tool.

They also include the Gemini and Flexa partnership, thanks to which large retailers, such as Starbucks and Whole food, will be able to accept bitcoins and altcoins as a means of payment.

Also last week there were news that Bakkt is preparing to launch in July and has already started testing futures contracts at BTC .

Publication date 05/18/2019
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