In a recent interview with Bloomberg, Greenspan touched on the latest price action that saw Bitcoin surge over $8,000 this week. While the largest digital currency has since pulled back to around $7,000, Greenspan is very bullish on the leading digital currency going forward.
“We’re just part of a larger cycle. Bitcoin has gone through several cycles before,” he told Bloomberg. “We’re talking about sometimes 10,000–50,000% gains, and then it has these massive retracements which can be 80% or even 90%.”
Greenspan separately took to Twitter on Friday to give a brief technical breakdown of Bitcoin, noting that if it reverses its current retracement, there are very few resistance points between $8,000 and $20,000.
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
As we previously reported, the Fibonacci retracement levels based on previous highs are 23.6% ($7,024), 38.2% ($9,372), 50% ($11,269), 61.8% ($13,166) and 78.6% ($15,867), according to Greenspan.
In his breakdown, Greenspan accurately predicted that we would quickly see $7,000 when BTC was trading for around $5,000. Time will tell whether his latest prediction will come to fruition.
Image: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.