Spurred by the increasing images of rising tensions and bomb smoke in the Ukraine air, global equity and crypto markets continue to reel in FUD (fear, uncertainty and doubt).
Celsius Network CEO Alex Mashinsky says he’s bullish on Bitcoin despite BTC’s brief dip below $35,000 amid heightened tensions between Russia and Ukraine.
In a Kitco News interview, the head of the crypto lending platform says Bitcoin has likely found strong support around the $30,000 price and is now set on an upward trajectory.
“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 also says Bitcoin is likely to trend higher after the flushing of excessive leverage in the markets following Russia’s aggressive march toward Ukraine.
“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 also highlights Bitcoin’s fundamental properties, saying that BTC’s provable scarcity will eventually push its value to greater heights.
“The fact that you have capped supply: there’s never going to be more than 21 million Bitcoin and you have growing demand basically tells you that over a long period of time, the price of Bitcoin is going to increase…
The price of Bitcoin will increase because more and more people are going to use it.”
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