Get the scoop on finance - sign up for mobile alerts
Bitcoin
| On
July 6, 2021

Bitcoin To Sail Past $140,000 After BTC Clears This Hurdle, Says Celsius Network CEO

By Daily Hodl Staff

Celsius Network chief executive Alex Mashinsky predicts Bitcoin can soar above $140,000 this cycle but only after surviving one last sell-off event.

The head of the crypto lending and borrowing platform tells his 106,700 followers that Bitcoin has so far survived two massive bearish catalysts in a short amount of time.

ADVERTISEMENT

“We have seen two capitulation selling events for BTC in the past two months.

1. Retail FOMO (fear of missing out) bought the run-up to $65,000. Sold ~$3B worth.

2. Flash selling last week of ~$3B that included miners & China retail, some FUD (fear, uncertainty and doubt) selling. We are about to see the third and last wave…”

Mashinksy posits that the last wave of selling will come from funds that he predicts will take advantage of the $20 billion worth of GBTC (Grayscale Bitcoin Trust) shares that will be unlocked this month. He expects funds that want to capture price differences in the market (arbitrage opportunities) will short Bitcoin and purchase GBTC shares at a high discount. According to Mashinsky, the net result is $5 billion worth of sell pressure, which could drive Bitcoin below $30,000.

ADVERTISEMENT

Analysts at JP Morgan predicted last month that the unlocking of GBTC shares could be a bearish catalyst as it gives the holders a chance to sell their coins. Investors who buy GBTC shares have to wait for a six-month lock-in period before they can sell their holdings.

Although the Celsius Network head is short-term bearish on the king crypto, he expects it to massively rally toward the end of the year after the sell-off.

“After this July sell-off, we should see smooth sailing for the rest of the year as we break new ATH (all-time high) on our way to the $140,000-$160,000 price range per BTC before correcting back to the $90,000 levels to close the 2021 year end.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Bruce Rolff