The co-founder and CEO of blockchain platform Celsius Network says that Bitcoin could hit a new record high this year if one condition is fulfilled.
Alex Mashinsky says in a Yahoo! Finance interview that if new buyers inject adequate volume into the market, Bitcoin (BTC) could break above a key resistance zone to set a new record high in 2021.
“If we have enough volume from new buyers, we should go back and retest that $53,000 to $55,000 level. If we break through that, we will see new highs this year.”
Mashinsky says that he still believes Bitcoin could hit a price of at least $140,000 over the coming months despite the flagship cryptocurrency momentarily crashing from nearly $53,000 to below $43,000 earlier this week.
“I am still holding my projections that we will be hitting the $140,000 to $160,000 levels. It might take us into Q1 [first quarter] of next year because of this kind of flash crash and clean-up we have seen with the Chinese miners. But it’s definitely going higher.”
The Celsius CEO says that Bitcoin adoption is accelerating exponentially across the globe, which is a bullish sign for the lead cryptocurrency’s price.
“It took 12 years to get the first 100 million users into Bitcoin. It took five months to double that. So now, there [are] over 200 million users worldwide that hold Bitcoin, have accounts. So it’s definitely accelerating. We’re seeing the hockey stick and more demand means higher prices.”
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