The price of bitcoin is about half of what it was in November. Bitcoin’s price dropped from $69,000 in November to $32,951 last week. Altcoins also have lost a lot of value with Ethereum dropping to its lowest level since July.
At the time of writing ETH is trading at $2598 and Bitcoin is trading at $38150.
Alex Mashinsky, the CEO of centralised finance platform Celsius Network (CEL), has released price forecasts for the two largest crypto currencies by market cap.
Bitcoin (BTC) might decline by up to 20% from its present price before soaring, according to Mashinsky in a Kitco News interview.
According to him we have a strong support between $29000 and $33000 and it will keep bouncing off that level. He also said that there are strong chances of retesting those ranges, after which he predicts that the price will increase.
The CEO of the Celsius Network also said that Bitcoin might increase four times from present levels after testing the important support level.
He predicted that if Bitcoin performs as well as it did last time, it will rise by at least 300 percent from here. The sum of three times $35,000 is little over $100,000.
His forecast for this year is unchanged from what I predicted late last year. And before the end of the year, it’ll be $140,000 to $160,000.
As the ecosystem expands and adoption rates improve, Mashinsky predicts that Ethereum (ETH), the second-largest cryptocurrency by market cap, will reach a new all-time high later this year or early in 2023.
He believes that Ethereum prices will rise to $6,000 to $7,000 in the near future.” It got as high as $4,800, I believe. But I believe we’ll break through later this year, perhaps towards the start of next year.
Because of the variety of use cases, the number of Ethereum-based applications continues to expand. And adoption is on the rise.