Bitcoin (BTC) could still hit new all-time highs this year, according to analysts and experts in the cryptocurrency market. This time, the CEO of Celsius Network, Alex Mashinky, explained that Bitcoin and Ethereum (ETH) could see new highs throughout the year. This comes after several months in which the price of Bitcoin has been traded between $35,500 and $48,000.
Bitcoin Could Reach New All-Time Highs
According to Alex Mashinsky, Bitcoin could surpass $70,000 this year and Ethereum could move above $4,500. This shows that the two largest cryptocurrencies could make a move higher in the coming weeks and months. If that happens, then we could see other cryptocurrencies follow BTC and ETH.
During the interview with Cointelegraph, Mashinsky mentioned that it might also be difficult to revisit previous lows. Indeed, since the beginning of the year, Bitcoin continues to be traded in a range that seems to be a clear accumulation period. Despite the FUD that has been around in the market, the war in Ukraine and higher interest rates, Bitcoin remains relatively stable.
During the conversation, he mentioned that these two issues (the war in Ukraine and higher interest rates) could increase the selling pressure on Bitcoin and push the price lower in the future. Ending the war in Ukraine could ease many of the issues that are currently affecting markets, including higher prices for energy and food.
If that happens, we could see a slower rate of interest rate change in the coming months, which could be positive for Bitcoin and the entire crypto market. Nonetheless, the war continues and it seems that it will not end in the near future.
Let’s not forget that Bitcoin has a very positive year in 2021. The virtual currency moved from below $20,000 in January 2021, to $69,000 in November 2021. Despite the fact that it might be difficult for Bitcoin to surpass new all-time highs, the potential for it to continue its path higher is real.
At the time of writing this post, Bitcoin has a price per coin of $40,680 and it lost 1.89% in the last 24 hours. Moreover, the virtual currency has a market capitalization of $773 billion. Ethereum, instead, is being traded for close to $3,010 and it has a market valuation of $363 billion.
It’s only a matter of time to see whether these two virtual currencies start a new bull trend in the near future or not.