Alex Mashinsky — the CEO of major crypto lending and interest-earning service Celsius Network CEL/USD — suggested this year both Bitcoin BTC/USD and Ethereum ETH/USD will see new all-time highs.
What Happened: Mashinsky told Cointelegraph during an interview published on Wednesday that Bitcoin saw strong price support at around $30,000 to $33,000 and he does “think that the demand is here. So, I don’t see us revisiting previous lows.”
He said institutional demand — including Terra’s LUNA/USD recently announced massive Bitcoin acquisition — played a significant role in supporting the price and if retail interest follows, Bitcoin may see new highs.
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While his outlook is mostly positive, Mashinsky noted that there are some “clouds in the sky” and if Russia’s aggression on Ukraine continues it will be felt across public markets. Furthermore, he also said that actions undertaken by the U.S. Federal Reserve could also lead to negative consequences.
Despite those negatives, Celsius Network’s CEO believes that both Bitcoin and Ethereum will reach a new high this year but it is going to take longer.
“I still expect us to break that $60,000 this year on Bitcoin, break the $4,500 on Ethereum,” he noted.