Senior market analyst at eToro Mati Greenspan believes we are at the cusp of Bitcoin’s next parabolic cycle. He suggests that Bitcoin’s recent price surge as well as the correction we’re experiencing now are all part of the transition to Bitcoin’s next cycle.
Per the Bloomberg live stream, Greenspan explains that Bitcoin goes through cycles. He says that Bitcoin’s last parabolic cycle was just starting in 2015 and really took off in 2017. Then we had the bear cycle, which resulted in Bitcoin losing about 85% of its value, dropping from its all-time high around $20,000 to $3,200.
Now, Greenspan maintains we are in a similar position to that of 2015, when Bitcoin was just beginning its parabolic cycle. He says the recent rise to $8,500 and the correction we’re experiencing now are both natural occurrences in this process.
The Bloomberg host asked Greenspan if Bitcoin’s price was driven by mainstream media news, as everyone was covering Bitcoin at its all-time high in 2017. To this, he speculates that Bitcoin’s rising price is what causes the news, not the other way around.
Delving into what causes Bitcoin’s price to rise, Greenspan says the real driver in price is not news and hype, but the fact that Bitcoin and blockchain continue to be widely adopted in various industries.
Providing some examples, he mentioned Microsoft’s recent development where they will use Bitcoin’s blockchain to secure their customer’s personal data. He also mentioned merchant adoption, such as Whole Foods, Starbucks, and other retail giants beginning to accept Bitcoin through the Flexa-powered Spedn app.
All in all, this is just the beginning, and we can expect to see huge developments in the months and years to come as Bitcoin enters its new parabolic cycle.
Do you think Bitcoin will go parabolic faster than it did in 2015, the same, or will it take even longer? Let us know what you think in the comment section below.
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