Friday, December 9, 2022

Celsius CEO says Bitcoin is due a rebound

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The crypto market saw decent rebound on Monday as Bitcoin (BTC) pushed above $30k, with a multi-week high above $32,000 seeing the cryptocurrency turn positive on the weekly chart after nine consecutive red candles.

The rest of the market also saw nice bumps as Ethereum shot above $2k and several other top coins rose to push the total crypto market capitalization up by nearly 4%.

Bitcoin is ‘overdue a rebound’

While bulls are not out of the woods yet given the bear market, Celsius CEO Alex Mashinsky believes the crypto market is “due a rebound.”

He told Kitco News in an interview ahead of Monday’s bounce that more room for upside looks likely given the market outlook over the past few weeks. The Celsius CEO also pointed to Wall Street’s performance last week, where the major indexes snapped a losing streak, including the S&P 500 that had edged +6% by Friday’s close.

Mashinsky also notes that analysts at JPMorgan recently released a research report suggesting the sell-off in crypto was “overdone.” The report suggested a rebound was likely to push Bitcoin price to around $38,000.

Also, with $1.8 billion worth of crypto expirations on, a bullish reversal is highly likely. On the overall bearish pressure still present amid extreme fear among investors, the Celsius exec added:

You can press a spring as hard as you want but the harder you press it the harder it rebounds and here we’re overdue for a rebound.”

Bitcoin currently trades around $31,780 while Ethereum is hovering near $1,960 as US markets open after Monday’s holiday close.

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