During an interview on February 24 with Kitco News anchor David Lin, the Celsius CEO claimed that Bitcoin had found strong support around $30,000, as the price responded to the news of Russia invading Ukraine. He said the global conflict had likely spooked investors and was at the root of Bitcoin’s sudden price fall.
However, the CEO was confident the price would rebound, going even higher than previous levels.
As reported by The Daily Hodl, Mashinsky said:
Yes, I think for this [Russia-Ukraine] conflict this is the bottom. We have very strong support at that $30,000 level… We’re going to hold the current levels and go higher.
Mashinsky argued that Bitcoin’s price fall last week had served to flush out excessive leverage from the market and overextended investors. He claimed that most of the traders who wanted to “get out” were wiped away in the dip, leaving behind buyers who were ready to capitalize on the price discount:
All the people that were on leverage got flushed out. All the traders who wanted to get out considering the bad news already sold. Crypto does not have as much leverage as people think. When those people sell, there are only buyers who are left and that’s where prices will go higher.
Mashinsky reiterated Bitcoin’s strong fundamentals, including its fixed cap supply and scarcity with time. He mentioned that that scarcity, combined with growing demand, makes it predictable that Bitcoin’s price will increase as more users adopt the cryptoasset.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.