CEO of cryptocurrency lending platform Celsius Alex Mashinky has revealed that he believes the price of flagship cryptocurrency Bitcoin (BTC) will surpass its previous all-time high this year, as will the second-largest cryptocurrency. currency by market cap, Ethereum ($ ETH ).
During an interview with Cointelegraph during the Paris Blockchain Week Summit, Alex Mashinky discussed several topics regarding the cryptocurrency space and predicted new highs for the two major cryptocurrencies.
Mashinky defended that BTC enjoyed strong support around the $33,000 mark earlier this year and that Terra’s accumulation of bitcoin reserves for its decentralized stablecoin UST played a role in supporting the price of cryptocurrency.
According to the CEO, if retail investors start entering the market once more, he doesn’t “see us revisiting previous lows,” but rather sees new highs ahead. Mashinky said:
It will take us longer to reach new heights. But I still expect us to break that $60,000 this year on Bitcoin, let’s break $4,500 on Ethereum.
He added, however, that there are potential hurdles ahead for the cryptocurrency space. These include potential market pressure from Russia’s ongoing invasion of Ukraine and further tightening from the US Federal Reserve.
The interview also saw Mashinky comment on a range of different topics, including macroeconomic factors, the institutional adoption of cryptoassets, and the centralization versus decentralization debate.
As noted, last year Mashinky predicted that bitcoin’s price would rise to $160,000, before lowering its forecast 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 that he believes that as the cryptocurrency market becomes larger and more valuable, “the amplitude of price swings will moderate”, though he is eyeing a “massive rally” over the next 6-12 months. .
The CEO also added that the price of Bitcoin has fallen 56% from its 11-year exponential growth trend, meaning that “markets have rarely been so cheap relative to trend.”
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