Bitcoin and Ether are down by more than 40% from the all-time highs they attained six months ago.
Celsius Network CEO Alex Mashinsky is confident Bitcoin and Ether, the two largest cryptocurrencies by market cap, will reach new all-time highs before the end of the year.
Bitcoin reached an all-time high of $69,044 in November 2021, while Ether’s all-time high of $4,878 was also achieved in the same month.
However, since then, BTC and ETH have lost more than 40% of their values. Bitcoin is trading around the $41k level, while Ether currently stands above $3,000 per coin.
Mashinksy, while speaking at the Paris Blockchain Week Summit, said Bitcoin and Ether would go on to set new all-time highs this year. He said Bitcoin received very strong support at around $30,000 to $33,000. Mashinsky said;
“It’s going to take us longer to hit new highs. But I still expect us to break that $60,000 this year on Bitcoin, break the $4,500 on Ethereum.”
The Celsius CEO also talked about the effect of the ongoing Ukraine war on the financial markets. According to Mashinsky, the public markets, including cryptocurrencies, would continue to be negatively affected if Russia continues its attacks on Ukraine.
Ethereum co-founder Vitalik Buterin recently commented that the cryptocurrency space needs semi-decentralised solutions. Mashinsky commented on this, stating that the crypto space doesn’t have to be completely decentralised. He said;
“He’s basically saying, look, we don’t have to be 100% DeFi. CeFi and DeFi are two sides of the same coin. And you sometimes you need to CeFi, sometimes you need to use DeFi, and that’s what Celsius does every day.”
The Celsius CEO finally shared his philosophy on Bitcoin investment. Mashinsky said;
“If you buy Bitcoin and can’t sleep, it means you have too much Bitcoin. However, if you buy Bitcoin and sleep like a baby, then it means you don’t have enough Bitcoin. Find that sweet, sweet spot and just stick with it.”