healthy price corrections are generally part of a rally. With one of these dips currently underway, Alex Mashinsky, CEO of Celsius, believes that the $ 16,000 level of Bitcoin cryptocurrency may be on the horizon.
Machinsky told the Coin Telegraph: I expected Bitcoins and many digital currencies to reach all-time highs during 2021 and beyond. However, we will see many corrections, such as what is happening today, that will allow savvy investors to pool these assets at a discounted price.
After Bitcoin broke its all-time high in 2017 in December 2020, the asset continued to rise in an equivalent fashion, and found itself worth more than double its all-time high which reached 1982 dollars less than two months later.
Bitcoin reached nearly $ 42,000 on January 8th before starting its latest decline, with a value close to $ 32,700 at the time of writing. From an all-time high of near $ 42,000, all the way to a recent low, Bitcoin has already corrected its price by nearly 28%.
"I see Bitcoin prices drop more than 25% ... Sooner or later, the downturns will show you enough pressure to see the correction." All in all, I see the possibility of Bitcoin prices falling completely to $ 16,000 before the end of the first quarter.
Bitcoin's price has risen with lightning-like speed in recent weeks. And although emerging markets often involve a pullback in prices, what are some of the signs that might happen when this price correction ends? “Regardless of this decline and more in the future, we will continue to say the same thing since 2017,” said Mashinsky.
He continued by saying: There is nothing better than keeping your Bitcoins and earning the return from them because very few investments have generated Bitcoin returns over the course of 1,3 and 5 years. . This process will sift weak hands and move the torch with all Bitcoins from short-term speculators to long-term institutions and coin holders.
Bitcoin's bullish rally is also in line with a number of other economic factors, including money printing and potential inflation.
