Early Developer Of VoIP And Celsius Founder Shares Reasons Why Bitcoin’s Price Will Reach 5 Digits
Early Developer Of VoIP And Celsius Founder, Mashinsky Shares His Reasons For Why BTC Will Reach 5 Digits!
In a recent interview with news outlet, Crypto Briefing, an early developer of Voice over Internet Protocol (VoIP) and Founder of Celsius, Alex Mashinsky expounded on the reasons why Bitcoin’s [BTC] prices are continuing to trend upwards. Most of the arguments made were in relation to what’s witnessed in operating the Celsius Network, a decentralized platform in which cryptos can be lent out and/or borrowed. (https://cryptobriefing.com/celsius-bitcoin-shorts-10k/)
According to the CEO, BTC will reach around the $10,000 ranges prior to a correction. His reasoning is that many traders are still on short and have yet to cover, and once they do is when they’ll buy. Here’s as per his quotes:
“The short ratio is still 52%. There’s still a tremendous amount of people who are short on bitcoin who haven’t recovered. Because these guys are going to be squeezed out. We haven’t seen the pain yet. We have not seen them cover. They have to cover, and when they cover, they buy bitcoin.”
As for the trend in activities through the Celsius Network, Mashinsky shared that most traders are, “borrowing Bitcoin for shorting as well,” which Crypto Briefing has argued will cause Bitcoin to make big jumps rather than small increments. BTC’s rise in prices has the ability to tempt short traders to buy more, which also helps to further increase prices.
Finally, Mashinsky argues that mass adoption has been the best in 2018 than any other year since BTC and the overall crypto market’s existence. In particular, he shared that despite 2018 being one of the top worse years for crypto, in terms of tokens’ value, this is the same period in which more people considered its likes and actually joined.
More specifically, he said:
“Mass adoption is there. Even though the price action went down dramatically during this entire nuclear winter, retail wallet creation continued to new heights. In 2018, there were more people who joined crypto than in the previous ten years put together. That’s how fast the adoption is.”
While the cases made in arguing BTC’s continuous rise in price and its potential to hit $10,000 may seem reasonable, predicting the giant’s nature has always been a difficult task. Hence, taking in said predictions should be done so with caution.
To conclude, Mashinsky noted,
“Everyone who said anything about Bitcoin was proven wrong. Do you want to make an ass out of yourself? Predict the price of Bitcoin.”