The CEO of cryptocurrency lending platform Celsius Alex Mashinky has revealed he believes that the value of the flagship cryptocurrency Bitcoin (BTC) will surpass its earlier all-time excessive this yr, as will the second-largest cryptocurrency by market capitalization, Ethereum ($ETH).
Throughout an interview with Cointelegraph in the course of the Paris Blockchain Week Summit, Alex Mashinky addressed a number of matters concerning the cryptocurrency area, and predicted new highs for the highest two cryptocurrencies.
Mashinky defended that BTC has seen robust assist across the $33,000 mark earlier this yr and that Terra’s buildup of bitcoin reserves for its decentralized stablecoin UST has performed a task in supporting the cryptocurrency’s worth.
Per the CEO, if retail traders begin coming into the market once more, he doesn’t “see us revisiting earlier lows,” and as an alternative sees new highs forward. Mashinky stated:
It’s going to take us longer to hit new highs. However I nonetheless anticipate us to interrupt that $60,000 this yr on Bitcoin, break the $4,500 on Ethereum.
He added, nevertheless, that there are some potential hurdles forward for the cryptocurrency area. These embody potential strain on the markets attributable to Russia’s ongoing invasion of Ukraine, and an extra tightening from the U.S. Federal Reserve.
The interview additionally noticed Mashinky touch upon a spread of various matters together with macroeconomic elements, institutional adoption of cryptoassets, and the centralization and decentralization debate.
As reported, final yr Mashinky predicted that the value of bitcoin was going to move to $160,000, earlier than decreasing his prediction to $140,000 by the top of this yr. As for Ethereum, Mashinky said it will hit $6,000.
As CryptoGlobe reported, earlier this month Pantera Capital CEO Dan Morehead revealed he believes that because the cryptocurrency market turns into broader and extra helpful the “amplitude of worth swings will reasonable,” though he sees a “massive rally” in the next 6-12 months.
The CEO additionally added that the value of Bitcoin has dropped 56% from its 11-year exponential development pattern, which implies that the “markets have hardly ever been so low cost relative to the pattern.”
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The views and opinions expressed by the writer, or any individuals talked about on this article, are for informational functions solely, and they don’t represent monetary, funding, or different recommendation. Investing in or buying and selling cryptoassets comes with a danger of monetary loss.
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