The CEO of cryptocurrency lending platform Celsius Alex Mashinky has revealed he believes that the price of the flagship cryptocurrency Bitcoin (BTC) will surpass its previous all-time high this year, as will the second-largest cryptocurrency by market capitalization, Ethereum ($ETH).
During an interview with Cointelegraph during the Paris Blockchain Week Summit, Alex Mashinky addressed several topics regarding the cryptocurrency space, and predicted new highs for the top two cryptocurrencies.
Mashinky defended that BTC has seen strong support around the $33,000 mark earlier this year and that Terra’s buildup of bitcoin reserves for its decentralized stablecoin UST has played a role in supporting the cryptocurrency’s price.
Per the CEO, if retail investors start entering the market again, he doesn’t “see us revisiting previous lows,” and instead sees new highs ahead. Mashinky said:
It’s going to take us longer to hit new highs. But I still expect us to break that $60,000 this year on Bitcoin, break the $4,500 on Ethereum.
He added, however, that there are some potential hurdles ahead for the cryptocurrency space. These include potential pressure on the markets caused by Russia’s ongoing invasion of Ukraine, and a further tightening from the U.S. Federal Reserve.
The interview also saw Mashinky comment on a range of different topics including macroeconomic factors, institutional adoption of cryptoassets, and the centralization and decentralization debate.
As reported, last year Mashinky predicted that the price of bitcoin was going to move to $160,000, before lowering his prediction to $140,000 by the end of this year. 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 as the cryptocurrency market becomes broader and more valuable the “amplitude of price swings will moderate,” although he sees a “massive rally” in the next 6-12 months.
The CEO also added that the price of Bitcoin has dropped 56% from its 11-year exponential growth trend, which means that the “markets have rarely been so cheap relative to the trend.”
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured image via Pixabay