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Celsius CEO predicts bitcoin will reach $140,000 by Q2 2022, despite plummeting below $50,000

Celsius CEO predicts bitcoin will reach $140,000 by Q2 2022, despite plummeting below $50,000

Alex Mashinsky, CEO of cryptocurrency lending platform Celsius Network, says bitcoin could hit a new high of around $140,000 by April 15, 2022. Speaking to Kitco News, Mashinsky said that the price could rise to $160,000, which would trigger sell-offs as investors seek profits.

However, the executive predicts that selling pressure will cause a drop around the second quarter of next year, leading to a correction that could end at $80,000. “Next year we are going to hit the $140,000 to $160,000 mark. That could happen before tax day, before April 15, or we could slip into the second quarter. I think there are too many sellers at that level. We are probably in for a retest. The bottom will be at a new high – between $80,000 and $90,000” says Maszynski. His sentiment came as Bitcoin fell below the $50,000 mark and volatility continued throughout the market. At the time of going to press, the asset was trading at $47,300, down more than 16% in the past 24 hours. At the same time, the drop came just days after the asset passed the Taproot update. Notably, the market was expecting a sharp rise in the value of BTC after the network update, which made a number of improvements to the protocol, including increased user privacy. However, Mashinsky believes that Bitcoin's sharp rise in value is independent of technological advances. “I don't think Bitcoin is driven by technological innovation. Bitcoin, as a store of value, is driven by supply and demand, by the number of buyers and the number of sellers, so it is driven by the state of trust in the community” – he said.

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