Healthy price corrections are generally part of market bull runs. With one such drop currently underway, Celsius’ CEO Alex Mashinsky thinks $16,000 could be in the cards.
“I have been predicting that Bitcoin and many altcoins will hit new all-time highs during 2021 and beyond,” Mashinsky told Cointelegraph. “Still, we will see several corrections, like what is going on today, that will allow savvy investors to accumulate these assets at a discount.”
After Bitcoin broke its 2017 record high in December 2020, the asset continued upward in parabolic fashion, finding itself worth more than double its one-time high of $19,892 less than two months later.
Bitcoin nearly reached $42,000 on Jan. 8 before beginning its recent descent, holding a value near $32,700 at time of publication. From its all-time high near $42,000, down to its recent low, Bitcoin has already corrected approximately 28% in price.
“I see Bitcoin prices plunging even further than 25%. Sooner or