Bitcoin prices will ‘undoubtedly’ break new records
A leading cryptocurrency expert predicts that Bitcoin prices will soon rally, breaking all previous records.
After reaching record highs in December last year, Bitcoin prices fell in January, reaching a low of $6000 in February.
The fall from close to $20,000 is “perfectly normal” for Bitcoin prices, according to a top market analyst, Mati Greenspan.
He insists that the leading cryptocurrency will “undoubtedly” rally above and beyond its previous all-time high.
The crypto expert says the January decline for Bitcoin prices is part of a standard retracement following an epic high.
A retracement is when a stock’s price temporarily swerves in direction, going against the current trend.
A new order of magnitude
Speaking to Express, Mr. Greenspan says we can expect a large upwards move, saying:
“I don’t know what’s going to happen in the future.
“I’m really not a fortune teller or anything like that.
“I believe that more than fear of regulation that decline from the 20,000 peak was more of just a normal retracement.
“Whenever the price moves and jumps into a new order of magnitude, we need to see some sort of retracement on that.
“It’s the same thing that when it jumped up from eight cents to $3.50 then it had a retracement back to a dollar.
“That’s a very normal thing after that kind of leap.
“So if we look at it now I believe we are about five or six percent up over the price a year ago.”
Bitcoin prices are currently around $9,600 at the time of press, according to Coin Thud live charts.
After more positive news in the press, Bitcoin prices have seen healthy gains today.
The announcement that Goldman Sachs is leading the Wall Street pack into cryptocurrency trading seems to be having an impact.
The banking giant also declared that the cryptocurrency “is not a fraud,” according to a report by the New York Times.
And in other news, Reddit has revealed it will soon reintroduce cryptocurrency payments on its platform.