Bitcoin Set To Hit New Highs
Bitcoin is expected to hit new all-time highs this year. Celsius Network CEO Alex Mashinsky is confident that Bitcoin, the largest digital currency by market cap, could still break its previous all-time highs by the end of this year.
In an interview with Cointelegraph, Mashinsky stated that Bitcoin could reach $70,000 and Ether could break above $4,500. If this happens in the next weeks or months, then the other cryptocurrencies would follow suit.
Despite the uncertainty and fear that the war in Ukraine and spiking interest rates have caused, Mashinsky believes that Bitcoin could still break that $60,000 this year, although it might take time.
“The demand is here, so I don’t see us revisiting previous lows”, he asserted.
He admitted that there are still “clouds in the sky” as the war in Ukraine continues. But if the conflict quells, then the spiking food and energy prices will ease up. This would spur slower interest rate change in the coming months which is positive for the entire crypto market.
Last year saw Bitcoin jump from $20,000 in January to $69,000 by November. It might be tough to see it surpass new all-time highs, but it is very likely for it to continue its upward trend.
Bitcoin is currently trading at $40,680 and Ether is being traded for close to $3,010. Analysts could only say so much whether these two digital currencies start a new bull trend in the near future or not.