It’s been a rather somber week for Bitcoin (CCC:BTC-USD) and Bitcoin price predictions. Investors in mega-cap cryptocurrencies such as Bitcoin have been hit hard. Much of this has to do with yesterday’s news that the El Salvadorian rollout of Bitcoin as legal tender didn’t necessarily go as planned.
Indeed, what was supposed to be a strong driver of the crypto market turned out to be a big headwind for investors. The government of El Salvador experienced a number of technical issues with its pre-loaded Bitcoin wallet Chivo. This wallet was pre-loaded with $30 in Bitcoin for every citizen of El Salvador who registered for the wallet. However, investors didn’t seem to like the fact that the wallet was disconnected shortly after launch.
Perhaps some bumps in the road should have been expected by investors. Indeed, this is an entirely new frontier and one which had even the most bullish experts anxious. However, these recent events provided investors with an example of the volatility of these digital assets, with many experts calling yesterday’s price action a flash crash.
Today’s continuation of this bearish trend suggests perhaps this wasn’t a one-day event. Indeed, every top 10 cryptocurrency, save for Solana (CCC:SOL-USD), is down over the past week.
Let’s dive into why one expert seems to think the long-term outlook for Bitcoin remains strong, despite this volatility.
Some Experts Still Hold Very Bullish Bitcoin Price Predictions
Celsius Network CEO Alex Mashinsky gave an interview today on Yahoo Finance Live. Indeed, the Bitcoin community probably needed to hear this interview.
Mr. Mashinsky re-stated his bullish projections for Bitcoin. He provided a range of $140,000 to $160,000 per token as where he sees Bitcoin getting to this year, or Q1 of next year.
Of course, the concerns around this flash crash and other Chinese mining regulations have stymied near-term expectations for Bitcoin prices. However, these bullish Bitcoin price predictions appear to be based on the long-term outlook for crypto in general.
Where cryptocurrency prices ultimately go from here remains to be seen. However, investors looking for bullish opinions on crypto don’t seem to have to go far.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
