In an exclusive interview with AMBCrypto, Mati Greenspan, the Senior Market Analyst at eToro answered a few questions on the Bitmain crisis, Bitcoin price and the bear market.
According to the market expert, digital assets are high-risk investments, wherein neither the BTC bottom nor a bull market can be precisely speculated at present. Furthermore, he stated that a lot of market progress is often based on the future adoption of digital assets.
Regarding the Bitcoin crash that occurred during the Bitcoin Cash [BCH] hash war, Greenspan explained that the hard fork could merely be a side story in the crypto-chaos. He added:
“I do believe that […] the real reason for the decline was a technical breakout. The fact that it went below $6,000, which is a very strong psychological barrier was broken, something that created a lot of fear, and on top of that you had the Bitcoin Cash hard fork and there were also several other stories at the time which were interpreted as bad news that certainly caused negative sentiment in the market.”
When asked if BTC has already hit market bottom, he stated that crypto-assets are high-risk investments and it is indeed possible that the market may go down further.
He also mentioned that the $3,000 BTC support level is being heavily tested, which if broken could certainly lead to lower support levels that can be pointed out. Moreover, Greenspan shared that many analysts have called out support level figures as low as $2,000 and $1,500.
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