“If we have adequate new purchasers, we need to go down and reconfirm the support in the $53,000 to $55,000 level. If we break with enough volumes, we will set new records in 2021.”
Mashinsky thinks Bitcoin will reach a minimum of $140,000 in the forthcoming months, in spite of the fact that the iconic cryptocurrency briefly fell from more than $53,000 to a level lower than$43,000 in the last few days.
“I continue to believe that we will reach the $140,000 to $160,000 range. Because of the Chinese miners’ spectacular collapse and revival, we may have to wait till Q1 [first quarter] of 2022. But it is unmistakably rising.”
According to the CEO of Celsius, Bitcoin adoption is growing exponentially across the world, which is a positive indication for the top cryptocurrency’s value. “It took approximately 12 years to acquire the initial 100 million Bitcoin users.From there, it just took five months to double.
So today, there are more than 200 million people across the globe worldwide holding Bitcoin and have accounts. So it’s certainly picking up speed. We’re witnessing the hockey stick, which implies that as demand grows, so will prices.”