$10K loss in 2 day, market outlook could be grim for Bitcoin, says Celsius CEO.

Spread the love

As it stands, the price of Bitcoin has declined more than $10,000 since January 8.

Good price corrections are usually part of the bull market. With one such decline currently ongoing, Celsius CEO Alex Mashinsky thinks that $16,000 might be on the cards.

“I have been predicting that Bitcoin and many altcoins will hit new all-time highs during 2021 and beyond,” Mashinsky said. “Still, we will see several corrections, like what is going on today, that will allow savvy investors to accumulate these assets at a discount.”

Since Bitcoin broke its record high of 2017 in December 2020, the currency started to climb in parabolic fashion, more than doubling its one-time high of $19,892 less than two months later.

Bitcoin nearly hit $42,000 on Jan. 8 before starting its latest decline, keeping a valuation close to $32,700 at the time of publication. From its all-time peak of nearly $42,000 to its latest low, Bitcoin has only corrected about 28 percent in volume.

Mashinsky said:

“I see Bitcoin prices plunging even further than 25%. Sooner or later, the bears will accumulate enough pressure to see a correction. Overall I see the potential for bitcoin prices to fall all the way back to $16,000 before the end of the first quarter.”

Bitcoin’s price has skyrocketed with lightning-like pace in recent weeks. Although bull markets often involve price drawbacks, what are some of the signs that could occur when this price correction is over? “Without this drop and many more to come, we will continue to say the same thing since 2017,” Mashinsky said, adding:

“There is nothing better than HODLing your BTC and earning yield on it because very few investments delivered the returns of Bitcoin over 1,3 & 5 years. This process will flush the weak hands and transfer the baton with all their BTC from the short-term speculators to the long-term institutions and HODLers.”

Bitcoin’s bull run is also consistent with a variety of other economic indicators, including money printing and potential inflation.

 577 Interactions,  4 today

READ ALSO:
Romanian university intends to consider cryptocurrency payments for admissions fees.

The academic college, which has about 11,000 students, stated that the inclusion of crypto payments was part of a campaign Read more

RECOMMENDED READ:  Former Goldman Exec Raoul Pal Putting Big Bet on Crypto, switching 98% of Portfolio to Bitcoin and Ethereum
Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

Fidelity’s Tom Jessop on why Crypto has reached a “tipping point.”

The crypto market has gained traction as a result of low interest rates and fiscal stimulus, according to a Fidelity Read more

How arrests for attempting to obtain a hitman and a nuclear bomb demonstrate that the dark web is not always anonymous.

Paying with cryptocurrency does not guarantee your safety. Most of the criticisms levelled at cryptocurrencies is that its difficult-to-trace existence Read more

Bitcoin, BTT, Dogecoin Price Movement Analysis for 7th April, 2021

Bitcoin was expected to remain above the $55,800-support, a level that coincided with its 200-SMA. BitTorrent Token was projected to Read more

Why crypto analyst Ben Armstrong says, ‘He Very Confident Bitcoin Will Reach $300K This Year.’

Recently, blockchain expert and influencer Ben Armstrong mentioned Bitcoin in a video posted to his highly popular YouTube channel “BitBoy Read more

Binance Coin, Dogecoin, SushiSwap Price Movement Analysis for 4th April, 2021

Binance Coin predicted that fresher record thresholds will be set in the coming days due to solid technicals. Following a Read more

Tron Price Movement Analysis for 4th April, 2021

In the cryptocurrency industry, excessive uncertainty has had a long-term effect on the price of the digital commodity. This uncertainty Read more

Ethereum Price Movement Analysis for 4th April, 2021

Ethereum, the second-largest cryptocurrency, has entered a volatile zone, which could drive the digital asset's price even higher. In the Read more

Bitcoin fell by more than 4%, causing many other cryptocurrencies to plummet drastically.

The world's most expensive cryptocurrency fell 4.1 percent, bringing several other coins down with it, sending the economy into the Read more

  • 1
    Share

Leave a Reply

Contact Us