Bitcoin has had a few rough months since the mid-may crash, and it was believed that it would not be able to resurrect from it, but here we are with Bitcoin almost touching $50K, and the chances of a bullish run seem more apparent now than ever. The crypto market, without any doubt, is the most volatile market in the world, but there are always chances for improvement there.
The CEO of Celsius network, which is a blockchain platform, has said that there is an apparent chance for Bitcoin to hit a new all-time high this year if this particular condition is fulfilled. Alex Mashinsky was interviewed by Yahoo finance, and he did impart his two cents on the Bitcoin situation, talking about a new all-time high. He believes that Bitcoin will be able to reach a new record high price this year if the buyers are able to throw in enough volume into the market. This will allow Bitcoin to be able to break the key resistance and setting a new all-time high price by the end of 2021.
Bitcoin Will Break Above $140k
Injecting new volume or enough volume into the crypto market is equivalent to whales and withholders saying goodbye to their Bitcoin stash and cashing it out into the market; this will increase the supply of Bitcoin and its volume as well. Alex believes that if it happens then, bitcoin can retest the $53K to $55K level allowing it to break through and reach new all-time highs. When asked how far Bitcoin could go with this new all-time high, Alex said that it could at least be $140K or above that depending on the volume made available within the market.
China’s ban on Bitcoin mining was definitely a brutal hit to the crypto market and especially Bitcoin, which has resulted in the mid-may crash. But with other countries taking the initiative on Bitcoin mining and peak-volume reaching for Bitcoin in the next month or so, Bitcoin will definitely be able to reclaim a new all-time high before this year ends says, Alex.