Bitcoin Expert Says 2018 Drop Was “Ordinary”, New Highs Coming
Mati Greenspan, a Bitcoin expert and senior market analyst at eToro, recently argued that the cryptocurrency’s price slide in early 2018 was not unusual and that new highs surpassing those of 2017 are coming.
Talking to the Express, the senior examiner clarified that the sudden drop in cost was a was part of a “normal retracement” from its peak 2017 price of nearly $20,000 instead of an enduring droop because of dread of control.
Mati Greenspan explained:
“Whenever the 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.”
The BTC price has been hovering between $9K and $10K – trading at the time of writing at $9,912 according to CoinTopper.com. Many people have done a comparison between current situation with 2014 -15, following the famous Mt. Gox hack, Expert opinion has completely changed the outlook for coin and the cryptocurrency market.
While there have been extreme predictions in both directions – with Pantera Capital CEO Dan Morehead recently describing the coin as a “screaming buy” and economist Nouriel Roubini claiming it will crash to zero – others see a more complicated picture. The main predictions include that of Investment Bank GP Bullhound – recently anticipating a “mass wipeout” for cryptocurrencies before the remain survivors.