It’s been a wild ride for Bitcoin, with values around $7700 this morning.
In video segment discussing the future of Bitcoin, Cointelegraph’s Molly Jane Zuckerman speaks with eToro’s Mati Greenspan about future possibilities and market trends around this popular cryptocurrency (see video on site).
Greenspan points to two possibilities on bullish trends: first, an extremely aggressive rising wage pattern with consolidation around $9000, and also, a less aggressive wage pattern that would also indicate bullish activity.
However, he pointed to high-volume in mid-May as a peak for Bitcoin.
“Everything is kind of dissipating,” Greenspan said. “(Volumes are) coming down a little bit as things relax, as we enter into the consolidation zone.”
Asked about the flash crash on Bitstamp that wiped out a lot of Bitcoin value a while ago, Greenspan said short-term traders have the most to lose.
“It depends what kind of trader you are,” he said, noting that hodlers will likely be mostly unaffected, compared to those trading short-term on margin. “It’s always good to be cautious.”
Citing low liquidity as one of the “hallmarks of Bitcoin price activity,” Greenspan reacted to the idea that Bitcoin could eventually become obsolete, like Blockbuster.
“There are always other cryptocurrencies,” Greenspan said, but in addressing the value of Bitcoin and what is really made of, he suggested that Bitcoin is more of a movement than a value based on the underlying technology itself. His argument seems to be that even though the tech industry changes quickly, Bitcoin holders would probably have time for profit-taking before any major move towards zero happened.
At the end of the interview, Greenspan also addresses a very different issue: the fallout from the “delist Bitcoin SV” campaign where Binance and other exchanges washed their hands of the controversial Bitcoin Cash hard fork championed by the fellow who claims to be the real Satoshi Nakamoto.
eToro, Greenspan said, never did list Bitcoin SV in the first place, and the common wisdom is not to hold a minority fork.
He pointed to the outsized power of larger investors in Bitcoin SV:
“Any and all (changes) can move the price immensely,” he said.
As morning draws on, BTC has fallen down to around $7680. Keep an eye on values to see which of Greenpsan’s possible predictions we see taking place.