According to Mati Greenspan, Senior Analyst at eToro, Bitcoin might start a parabolic run that brings the cryptocurrency back to $20,000.
After trading in the $5,000 range, Bitcoin suddenly surprised the crypto space with a rally that brought the cryptocurrency over $8,300 in just a few days. The well-known eToro analyst, Mati Greenspan, thinks Bitcoin’s next parabolic run is still in its early stages.
Greenspan told Bloomberg in an interview:
“We’re just part of a larger cycle. Bitcoin has gone through several cycles before. We’re talking about sometimes 10,000–50,000% gains, and then it has these massive retracements which can be 80% or even 90%.”
After the interview with Bloomberg, Greenspan turned to Twitter to give a technical breakdown of the current situation. According to Greenspan, after Bitcoin retraces back to its previous 2019 high, there will be no big hurdles between $8,000 and $20,000.
The tweet from Greenspan:
IF the pullback does reverse now and we continue past the recent highs, there is virtually no major levels of resistance until $20,000.
Past performance is not an indication of future results. This is not trading advice. Cryptoassets are very risky. So trade with caution. pic.twitter.com/xKT9534OUt
— Mati Greenspan (@MatiGreenspan) May 17, 2019
In a previous analytic breakdown, Greenspan accurately predicted that we would quickly see $7,000 when BTC was trading for around $5,000. Time will tell whether this prediction will also come to fruition.