Celsius Network CEO Addresses BTC’s Price Trajectory Following Dip | CryptoGazette
https://ift.tt/b26AMnT
Last week, the crypto market suffered a new correction, and now, things seem to be looking much brighter. Check out the latest reports about new predictions on Bitcoin’s price in the short term.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $38,425.
Celsius Network CEO Alex Mashinsky says he’s bullish on Bitcoin despite BTC’s brief dip below $35,000. This is happening amidst heightened tensions between Russia and Ukraine.
Bitcoin found strong support around $30k
During a Kitco News interview, the head of the crypto lending platform says Bitcoin has likely found strong support around the $30,000 price and is now set on an upward trajectory.
“Yes, I think for this [Russia-Ukraine] conflict this is the bottom. We have very strong support at that $30,000 level… We’re going to hold the current levels and go higher.”
Bitcoin is trading at $39,425 at the time of writing. The king coin has appreciated by nearly 2.24% over the past 24 hours.
Mashinsky also said that Bitcoin is likely to trend higher after the flushing of excessive leverage in the markets following Russia’s aggressive march toward Ukraine.
Here’s what he said:
“All the people that were on leverage got flushed out. All the traders who wanted to get out considering the bad news already sold. Crypto does not have as much leverage as people think. When those people sell, there are only buyers who are left and that’s where prices will go higher.”
Mashinsky also talked about the Bitcoin’s fundamental properties. He said that BTC’s provable scarcity will eventually push its value to greater heights.
“The fact that you have capped supply: there’s never going to be more than 21 million Bitcoin and you have growing demand basically tells you that over a long period of time, the price of Bitcoin is going to increase…”
He also said the following:
“The price of Bitcoin will increase because more and more people are going to use it.”
Cryptocurrency
