The CEO of centralized finance platform Celsius Network (CEL), Alex Mashinsky, is unveiling price predictions for the two largest crypto assets by market cap.
Mashinsky says in a Kitco News interview that Bitcoin (BTC) could fall by up to 20% from the current price before surging.
“So we have very strong support in that $29,000 to $33,000 range. This is the range we’re at right now. We keep bouncing off that range.
And the question is, we may have to retest it again. So there’s a pretty good chance. The market usually likes to test support, and after that, we should see that increase.”
Bitcoin is trading at $36,767 at time of writing.
The Celsius Network head says that after testing the critical support level, Bitcoin could follow past precedence and surge by around four times from current levels.
“If Bitcoin does what it did last time, it should go at least 300% up from here. Three multiplied by $35,000 puts us just over $100,000.
My projection for this year stays what I said late last year. And it’s $140,000 to $160,000 before the end of this year.”
In the case of Ethereum (ETH), Mashinsky says that the second-largest cryptocurrency by market cap could hit a new all-time high later this year or early 2023 as the ecosystem expands and the adoption rate rises.
“I expect Ethereum prices to go [to] the $6,000 to $7,000 level. I think the highest it got to was $4,800. But I think we’re going to break through that later this year, maybe beginning of next year.
And that’s because of the use cases, the number of applications running on Ethereum continues to grow. And adoption continues to grow.”
Ethereum is trading at $2,403 at time of writing.
I
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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 loses 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/lassedesignen