“There is a clear possibility that we will see some days of 250% profits, or even more”.
In a newsletter released today, Quantum Economics’ founder said that Bitcoin’s recent rebound above $23,000, a gain of about 29 percent in one week, did not necessarily mean that the market was “overheating” and heading for a December 2017-type collapse.
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“In our opinion, things are just beginning,” Greenspan said. “We probably shouldn’t use any old criteria when it comes to determining what kinds of percentage gains are possible.
“If demand continues to grow at these levels and supply continues to contract, there’s a distinct possibility that we may see some days of 250% gains, or even more.
Greenspan said there’s “no one on the planet who can predict” when Bitcoin (BTC) will go down, if ever, but the price could be “any number between $23,800 and $1 million per currency. He also didn’t rule out Scott Miner of Guggenheim Partners’ claim that the cryptoactive “should be worth about $400,000.
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“Now that we’ve passed the previous all-time high, there are no levels left on the chart that can indicate where the price might go,” Greenspan said. However, it will peak at some point. You can be sure of that.
Other figures in crypto space, such as Binance.US CEO Catherine Coley, also see Bitcoin’s current bullish run as evidence of sustained growth:
“When the U.S. Fed and other government agencies around the world seem to agree on the effects of inflation on fiat currencies, we’ll continue to see the diversification thesis in an increase in BTC, with the price breaking through key technical levels.
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The price of Bitcoin is $22,863 at the time of publication of this article, having gone up 9.8% in the last 24 hours.