Alex Mashinky, the CEO of cryptocurrency lending platform Celsius, expects that the price of the flagship cryptocurrency Bitcoin (BTC) will surpass its previous all-time high this year, as will the price of Ethereum ($ETH), the second-largest cryptocurrency by market capitalization.
Alex Mashinky discussed numerous aspects of the cryptocurrency space with Coin telegraph during the Paris Blockchain Week Summit, and forecasted new highs for the top two cryptocurrencies.
Mashinky defended BTC, claiming that it had good support around the $33,000 mark earlier this year, and that Terra's building up of bitcoin reserves for its decentralized stablecoin UST had aided in its price support.
If individual investors return to the market, according to the CEO, he doesn't anticipate "us reliving prior lows," but rather new highs. Mashinky explained:
"It will take us longer to reach new highs. But I still predict Bitcoin to surpass the $60,000 barrier this year, and Ethereum to shatter the $4,500 barrier."
He did warn, though, that the cryptocurrency market may face some challenges in the future. The escalating Russian invasion of Ukraine, as well as a further tightening by the US Federal Reserve, could put pressure on markets.
Mashinky also discussed macroeconomic concerns, institutional acceptance of crypto assets, and the argument between centralization and decentralization during the conversation.
Mashinky anticipated that the price of bitcoin will rise to $160,000 last year, before decreasing his prognosis to $140,000 by the end of this year, as previously reported. Mashinky predicted that Ethereum would reach $6,000 in the near future.
Pantera Capital CEO Dan Morehead told Crypto Globe earlier this month that he believes the "amplitude of price swings will reduce" as the cryptocurrency industry becomes larger and more valuable, while he sees a "huge rebound" in the next 6-12 months.
The CEO also stated that Bitcoin's price has fallen 56% off its 11-year exponential growth pattern, implying that "markets have rarely been so cheap relative to the trend."
[DISCLAIMER]
The author's or anybody else included in this article's thoughts and opinions are for informative purposes only and do not constitute financial, investment, or other advice. There is a danger of financial loss when investing in or trading crypto assets.
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