Analyst Who Called The Drop Now Predicts BTC to Hit $160,000 by the End of 2021

Tech entrepreneur Alex Mashinsky (CEO of fintech platform Celsius Network) is confident that Bitcoin will resume tracking upwards, continuing its bullish macro trend.

Not even Elon Musk can stop Bitcoin’s dominance; as Musk’s credibility and influence are finally wearing thin on the crypto community, those who understand Bitcoin better – like Celsius founder Alex Mashinsky – have chipped in with their two Satoshis’ worth.

BTC to Push Upwards of $100,000 by End of Year

Just weeks ago euphoria in the market was at an all-time high, though Mashinsky correctly predicted that Bitcoin could see a harsh correction in the US$30K range. Many did not want to believe it or hear about it but, as we now know, it did happen. Although this near 50% drop was the most severe Bitcoin has sustained so far, overall the projection for its end-of-year price targets remains optimistic.

Donning a HODL T-Shirt for a recent interview on Kitco News, Mashinsky explained – now all the highly leveraged traders have been flushed out, Bitcoin’s price has settled and found key resistance levels. HODLers unite!

We’ve flushed all the leverage in the system and found support at $30k and now we’re rebuilding upwards in price acceleration.

Alex Mashinsky

Mashinsky Dubs Musk a “Tourist”

Other “A+ ambassadors” for Bitcoin include the likes of Michael Saylor and Jack Dorsey (both of whom attended the Bitcoin 2021 conference in Miami earlier in June). Sadly for Elon, he isn’t in that club. Mashinsky playfully called him a “tourist”, inferring that Musk is dabbling in crypto for the wrong reasons (ie, to further his own interests, not to help others).

Forty percent of all the US dollars created were minted in the last 12 months.

Alex Mashinsky

Inflation on the Rise

The US and other countries have recently printed excessive amounts of paper money, giving serious concerns over growing inflation rates and what all this really means. A $1 million Bitcoin may not actually be that far off, now that institutions and entire countries are coming on board the crypto train. With El Salvador, Nigeria (and more to follow) adopting Bitcoin as legal currency, the global financial system is at the mercy of Bitcoin.

Today we have approximately 100 million participants in the Bitcoin system worldwide.

Alex Mashinsky

Watch the full interview on Kitco News below: