The recent Paris Blockchain Week Summit has left us with a taste of optimism from Alex Mashinsky, CEO of Celsius Network, who predicts new all-time highs for Bitcoin and ETH, the token of the Ethereum network.
In a chat with CoinTelegraph, Mashinsky has explained the reasons for this optimism according to current trends. The two largest cryptocurrencies by market capitalization have gradually returned to levels of thinking big, and here’s why.
Green shoots for Bitcoin
After a rather disastrous start to the year for the queen cryptocurrency, Bitcoin has been above the $40,000 barrier for several weeks.
Mashinsky picks up on this rally and believes that such strong support between $30,000 and $33,000 is just the start of something bigger to come. The recent purchase of Bitcoins by Terra (139 million in Bitcoin and its wallet reaches 31,000 units of this cryptocurrency) has played an important role in supporting the price it is holding lately.
Demand has increased, so the trend should be up, especially if retail investors join in, taking Bitcoin to new highs. Of course, it is also cautious due to the situation of uncertainty that the current conflict that is taking place after Russia’s invasion of Ukraine may generate. If Russia continues this military invasion, the markets will feel the pressure, and in addition, the actions of the US Federal Reserve may also lead to a negative participation.
Finally, in reference to the amount that should be invested, he has left us with a curious reflection: “If someone buys BTC and cannot sleep, that means they have too much Bitcoin. However, if one buys BTC and sleeps like a baby, they do not have enough Bitcoin. Find that sweet, sweet balance and just stick with it.”
Bitcoin’s all-time high was $68,789.63 at which its price was valued on November 10, 2021. For Mashinsky, “It will take us longer to reach new highs. But I still hope we break that 60,000 this year in Bitcoin.”
Ethereum will exceed its all-time high price
Mashinsky’s forecasts also apply to Ethereum and its ETH token. Its all-time high occurred a few days after Bitcoin’s, on November 16, 2021, when its price reached $4,891.70. Continuing with his forecasts, he also expects “that we break 4,500 in Ethereum this year”.
As for Ethereum, the growth in NFTs, Web 3 applications, and decentralized finance (DeFi) apps has resulted in significant growth for the Ethereum network. One of the reasons for this bullish projection is due to the fact that Ethereum transitions to proof-of-stake in 2022, which, if it happens, will likely result in capital inflows regardless of how Bitcoin performs.
Ethereum is the second most valued and recognized cryptocurrency platform in the world after Bitcoin. The transition to Ethereum 2.0 may help create a sense that it may eventually take the throne from Bitcoin in the future, which would add trust to its network and drive up the price of the cryptocurrency.
