Bitcoin Will Break $60,000 This Year, Celsius CEO Stated

Despite the market’s downturn, Bitcoin and Ether are expected to have a bright future.

Bitcoin Will Break $60,000 This Year, Celsius CEO Stated

Bitcoin (BTC) gained a lot of support around $30,000 to $33,000, according to Mashinsky. Terra’s recent BTC purchase, along with other institutions joining the market, the entrepreneur believes, had a key impact in bolstering BTC’s price. He also stated that if ordinary investors get involved, BTC might reach new highs.

“I definitely think that the demand is here. So, I don’t see us revisiting previous lows.”

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Mashinsky, on the other hand, acknowledged that there are some “clouds in the sky.” If Russia’s attacks on Ukraine continue, the impact would be felt by public markets, according to the CEO of Celsius. Aside from that, he also mentioned that the Federal Reserve’s actions in the United States might result in a low turnout.

Despite the challenges, Mashinsky believes that in 2022, both Bitcoin and Ether (ETH) will achieve new all-time highs. As he explained:

“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.”

On April 19, prominent analyst Root stated that there is “no real reason” for a massive Bitcoin sell-off in a series of tweets. In this halving cycle, Bitcoin has yet to wow the market with all-time highs, which has caused some investors to lose trust.

On-chain indicators, on the other hand, remain significantly more positive than current price activity, and those investors remaining in the market believe BTC will go much higher in the future. Root blames this on a scarcity of short-term investors in the market. Even the most recent all-time highs of $69,000 in November occurred with comparatively few speculative bets – a stark contrast to the all-time high in December 2017 during the prior halving cycle.

Long-term holders expecting a new price discovery, rather than new STHs wanting to “buy the dip,” are currently supporting the market.

“With the HODL Army growing it’s allowing us to make new ATH’s (69k top) without barely any STH’s in the market,” Root explained.

“Since we didn’t reach prices above 100K, which so many expected, many still believe this will eventually happen and might therefore hold on to their coins.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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