The Quantum Economics founder said in a newsletter published yesterday, December 17, that Bitcoin’s latest surge past $23,000, a rise of around 29 percent in a week, did not actually mean that the market was “overheating” and headed towards a fall like the one in December 2017.
“In our opinion, things are just getting started,” said Greenspan. “We probably shouldn’t be using any old yardsticks when it comes to determining what kinds of percentage gains are possible.” He added: “Should demand continue to pick up from these levels and supply continue to constrain, there is a distinct possibility that we may see some days of 250% gains, or even more.”
According to coinelegraph.com Greenspan said there is not “anyone on the planet who might be able to predict” when, if ever, Bitcoin (BTC) will turn bearish, but the price could be “any number between $23,800 and $1 million per coin.” He also did not rule out Scott Miner’s claim by Guggenheim Partners that the crypto asset “should be worth around $400,000.”
“Now that we’re past the prior all-time highs, there are no levels left on the chart that might indicate where the price might eventually top out,” said Greenspan. “It will top out at some point though. You can be sure of that.”
Other figures in the crypto space, like Binance.US CEO Catherine Coley, also see the current Bitcoin bull run as evidence of sustained growth: “When the Fed and other governing agencies across the world are seemingly OK with the effects of inflation on fiat currencies, we’ll continue to see the diversification thesis into BTC surge, with price breaking through key technical levels.” The price of Bitcoin is $23,012 at the time of publication, having risen over 9.8% in the last 24 hours.