Healthy price corrections are generally office of marketplace bull runs. With one such driblet 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-fourth dimension 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 accrue these assets at a discount."

After Bitcoin bankrupt its 2017 record high in December 2020, the asset continued upwardly in parabolic fashion, finding itself worth more than than double its sometime high of $19,892 less than ii months later.

Bitcoin nearly reached $42,000 on January. 8 earlier beginning its recent descent, property a value near $32,700 at time of publication. From its all-time high nearly $42,000, down to its recent low, Bitcoin has already corrected approximately 28% in cost.

Mashinsky said:

"I come across Bitcoin prices plunging even further than 25%. Sooner or afterwards, the bears volition accumulate enough pressure to see a correction. Overall I see the potential for bitcoin prices to autumn all the way back to $16,000 before the end of the first quarter."

Bitcoin's cost has soared with lightning-like velocity in recent weeks. Although bull markets often include price pullbacks, what are some signs that might occur when this cost correction is over? "Regardless of this drop and many more than to come, nosotros will continue proverb the same thing since 2017," Mashinsky said, adding:

"In that location is nothing better than HODLing your BTC and earning yield on information technology because very few investments delivered the returns of Bitcoin over 1,3 & v years. This process will flush the weak hands and transfer the billy with all their BTC from the short-term speculators to the long-term institutions and HODLers."

Bitcoin'southward bull run likewise comes in line with a number of other economical factors, including money press and possible inflation.