Bitcoin prices just got smashed, but this crypto insider still sees $160,000

The steep pullback in bitcoin prices (BTC-USD) this week would not derail the bullish outlook for cryptocurrency, argues one veteran trade insider.

“If we’ve got sufficient quantity from new patrons, we should always return and retest that $53,000 to $55,000 degree. If we break by means of that, we are going to see new highs this 12 months. I’m nonetheless holding my projections that we’ll be hitting the $140,000 to $160,000 ranges. It would take us into Q1 of subsequent 12 months due to this sort of flash crash and clean-up we’ve got seen with the Chinese language miners, nevertheless it’s positively going greater,” stated Celsius Community CEO Alex Mashinsky on Yahoo Finance Live.

The key phrases, by the chief of a crypto platform, being “new patrons.”

Bitcoin prices plunged at one point by 10% on Wednesday persevering with a rout that began on Tuesday amid a botched rollout of the crypto as a foreign money in El Salvador. The promoting prolonged to different cryptos in addition to merchants seen glitches with El Salvador’s rollout as a detrimental for adoption in different international locations.

The worth of bitcoin as of this writing have been flirting with the $46,000 degree, down sharply from the greater than $52,000 seen forward of the El Salvador launch.

One other bitcoin professional Yahoo Finance talked with additionally pointed to Coinbase’s ongoing battle with the SEC as an added motive for the pullback in bitcoin costs. Coinbase co-founder and CEO Brian Armstrong went on a 21-tweet rant towards the SEC for threatening to sue the crypto trade if it launches a brand new lending product.

“The Coinbase information is not serving to,” stated a supply on market sentiment.

Regardless of the recent bitcoin volatility, one could be laborious pressed to discover a involved crypto loyalist. To this group, nothing has modified when it comes to crypto fundamentals and therefore, costs are prone to head greater.

Explains Mashinsky, “It took 12 years to get the primary 100 million customers into bitcoin. It took 5 months to double that. So now there may be over 200 million customers worldwide that maintain bitcoin accounts. It is positively accelerating, we’re seeing the hockey stick.”

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Observe Sozzi on Twitter @BrianSozzi and on LinkedIn.