eToro Analyst: Bitcoin on the Brink of Largest Rally in History
Mati Greenspan, Senior Market Analyst at eToro says that Bitcoin is preparing to a huge leap in price. The cryptocurrency leader began the week with a new recovery despite 3% recession at the weekend. Monday morning the Bitcoin price increased by $300. Currently the price of Bitcoin floats around $7700, retaining bullish behavior.
Based on positive news signals (related to BlackRock last week and G20 this week), Mati Greenspan considers that Bitcoin is in the good times again. If Bitcoin price explosion happens, it the Bitcoin price will exceed its historical maximum of $19,500.
The majority of market experts connect future growth of Bitcoin price with large players – institutional investors, entering the market. However, some industry participants give more restrained forecasts, providing real reasons.
Any presence of large players on the market will lead to huge price distortions. Though, the critical point will happen in several years. Now we are at the “research state”, when it comes to institutions and cryptography. There are many legal gaps in cryptocurrency regulation. While governments do not provide clear and reasonable regulatory frameworks, large players keep options open.