In a newsletter released today, the Quantum Economics founder said Bitcoin’s recent rally past $23,000 — a gain of roughly 29% in a week — didn’t necessarily mean the market was “overheating” and heading for a crash 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.”
“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.”
Greenspan said there isn’t “anyone on the planet who might be able to predict” when Bitcoin (BTC) will turn bearish, if ever, but the price could be “any number between $23,800 and $1 million per coin.” He also didn’t rule out Guggenheim Partners’ Scott Miner’s claim that the crypto asset “should be worth about $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 $22,863 at the time of publication, having risen 9.8% in the last 24 hours.