Celsius CEO predicted rebound of the crypto market by the end of the week
Alex Mashinsky noted that usually, the bitcoin rate increases 5-8 times from its low after a recovery
31.05.2022 - 12:00
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What’s new? Celsius Network CEO Alex Mashinsky said that he believes the cryptocurrency market will recover soon. In an interview with Kitco News, Mashinsky stressed that even inflation is not a long-term problem for digital assets. He also believes that a rebound in the cryptocurrency market will occur over the coming weekend and continue into next week.
What else did Mashinsky add? The head of Celsius noted that usually, the bitcoin rate rises 5-8 times from its low after a recovery. Mashinsky also compared the fluctuations of the first cryptocurrency to the stock market:
“So the rebound on crypto is always stronger and it always represents new higher highs and new higher lows.”
In addition, Mashinsky noted that even financial holding company JPMorgan started to actively get involved in the field of cryptocurrencies. Last week, JPMorgan strategists said that bitcoin has “significant upside” potential. Earlier, the holding company’s CEO Jamie Dimon recognized the value of blockchain and DeFi to the banking sector.
As of 31, May 14:20 BTC is trading at $31 716, up 7,97% over the last week (according to Binance).
What is known about Celsius? It is a DeFi banking platform for lending staking cryptocurrencies. The project was founded in 2017 by Alex Mashinsky and Daniel Leon. The platform also has a cryptocurrency wallet called Celsius Wallet.
What happened before? In April, Mashinsky said that bitcoin and Ethereum would break all-time highs in value in 2022. In his opinion, BTC would reach the $60 000 bar and ETH would reach $4 500.
Mashinsky also recommended selling stocks and buying bitcoin in the coming recession in the United States. He spoke about his strategy in this situation, not to resist the Federal Reserve System (Fed), which implies an exit from the US stock market.
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