The CEO of centralized finance platform Celsius Network (CEL) is predicting a six-figure price for Bitcoin (BTC) later this year.
In a Kitco News interview, Celsius head Alex Mashinsky says that Bitcoin will surge above $100,000 before the end of 2022 if it can overcome several key psychological resistance levels.
“I think we’re definitely going to hit all-time highs. All-time highs are not that far from where we are, it’s $67,000. And the question we don’t know is what happens afterward. How much resistance we’re going to have at $70,000, $80,000, $90,000. I think we are going to break $100,000.”
The Celsius Network CEO, who had previously set similar targets for Bitcoin in 2021, says that macroeconomic factors doomed his predictions last year.
“I know I’ve said that last year. But we had a few macroeconomic events that basically kicked the can down the road. But we will see Bitcoin over a $100,000 this year.”
According to Mashinsky, the traditional finance sector will be a key catalyst in sending Bitcoin’s price higher.
“Bitcoin now is over a $1 trillion. To lift the trillion-dollar asset, you need a lot of inflows. So when Terra is buying Bitcoin or other people are buying Bitcoin, those are movements inside of the crypto community. What you need is fresh capital from [traditional finance] coming in and buying Bitcoin. That’s what’s going to drive the price higher.”
In March, the CEO of Terra (LUNA) developer Terraform Labs, Do Kwon, initiated an effort to purchase Bitcoin worth over $10 billion as part of plans to use the flagship cryptocurrency as a reserve asset for the TerraUSD (UST) stablecoin.
Mashinsky also says that Bitcoin’s price will benefit if other entities follow Terraform Lab’s example.
“I think many other people will copy Terra and use the same mechanism again, which is going to drive the price of Bitcoin even higher. So Bitcoin dominance is going to increase.”
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