Bitcoin Pullback is Normal Part of Parabolic Cycle – Mati Greenspan
Since Bitcoin surprisingly broke into an impressive bullish rally recently, there has been no shortage of estimates about the possible trajectories the asset and even the market in general, will continue to follow.
Also, apart from these many forecasts, there are also a lot of analysts, stakeholders and enthusiasts alike, who have given some opinion or the other about the possible reasons for the price rally. One of such people is Mati Greenspan.
Current Pullback is Normal
During a live stream with Bloomberg, Greenspan who is the Senior Marketing Analyst at the trading platform, eToro, said that the next parabolic cycle for Bitcoin is just about to start. This is another one of the many optimistic opinions shared by many Bitcoin analysts and enthusiasts, regardless of the pullback the market just witnessed.
The price of Bitcoin hit $8,000 and went over and also began fluctuating around the mark. However, in a bit of a surprising turn, the price lost close to $1,000 and the same effect was seen as most of the major altcoins also lost value. This resulted in a loss of over $20 billion of the entire market capitalization but according to Greenspan, this is not an unusual part of the parabolic process and the asset will rise again.
Extensive Adoption Still On-Going
Mati Greenspan has also noted that there is still mass adoption of crypto and even blockchain in general, regardless of the fact that most conventional media aren’t doing a lot of crypto-related stories. A few major institutional giants have and still, are either already applying or planning to apply various blockchain solutions to many of their daily business.
Some examples mentioned by Greenspan include Starbucks and Whole Foods who have already declared that they will begin accepting payments in crypto. This will be facilitated by the Flexa app which lets merchants accept either Ether, Gemini dollar, Bitcoin or Bitcoin Cash as payment.
Another example cited by Greenspan is Microsoft which is also looking into ways of better securing private data of its customers using the Bitcoin blockchain.
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