Overall, a healthy price correction is part of a market rally. Celsius CEO Alex Mashinsky believes one of these setbacks has already begun.

“I expected Bitcoin and many digital currencies to hit all-time highs by 2021 and beyond,” Machinsky told Cointelegraph. “However, we will see many fixes, such as what is happening today, that will allow smart investors to pool these assets at a reduced interest rate.”

After Bitcoin hit its persistent high in 2017 in December 2020, the asset continued to parabolic rebound and in less than two months began to cost more than double its one-off $ 19,892 level.

Bitcoin hit nearly $ 42,000 on January 8 before the last decline began, with a value close to $ 32,700 at time of publication. Bitcoin has already corrected its price nearly 28% from a constant high of $ 42,000 to its recent low.

Mashinsky said:

“I see bitcoin prices falling by over 25%. Sooner or later, the bears will see that you have enough pressure to see a correction. Overall, I see the likelihood of Bitcoin prices dropping completely to $ 16,000 before the end of the First Quarter. ”
Bitcoin has grown at lightning speed in recent weeks. While prices often retrace in the beef markets, what signs could be when the price correction is over? “Despite this downturn and more in the future, we will continue to say the same from 2017,” Mashinsky said, adding:

“There is nothing better than your HODLing BTC and making a profit from it, because very few investments have brought Bitcoin income in 1.3 and 5 years. This process will show weak hands and move the stick with all their bitcoins from short-term speculators to long-term institutions. Term and managers.
Bitcoin’s bull rally is also consistent with a number of other economic factors, including monetary pressures and potential inflation.

Source: CoinTelegraph