Alex Mashinsky, the CEO of centralized finance platform Celsius Network (CEL), has released price forecasts for the two largest crypto currencies by market cap.
Bitcoin (BTC) might decline by up to 20% from its present price before soaring, according to Mashinsky in a Kitco News interview.
“So we have very strong support in that $29,000 to $33,000 range. This is the range we’re at right now. We keep bouncing off that range.
And the question is, we may have to retest it again. So there’s a pretty good chance. The market usually likes to test support, and after that, we should see that increase.”
At the time of writing, Bitcoin was trading at $36,767.
According to the CEO of the Celsius Network, Bitcoin might increase four times from present levels after testing the important support level.
“If Bitcoin does what it did last time, it should go at least 300% up from here. Three multiplied by $35,000 puts us just over $100,000.
My projection for this year stays what I said late last year. And it’s $140,000 to $160,000 before the end of this year.”
As the ecosystem expands and adoption rates improve, Mashinsky predicts that Ethereum (ETH), the second-largest cryptocurrency by market cap, will reach a new all-time high later this year or early in 2023.
“I expect Ethereum prices to go [to] the $6,000 to $7,000 level. I think the highest it got to was $4,800. But I think we’re going to break through that later this year, maybe beginning of next year.
And that’s because of the use cases, the number of applications running on Ethereum continues to grow. And adoption continues to grow.”
Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul
A Digital European Project In Works With Italian Payments Provider Nexi
