Bitcoin has been soaring past the key resistance level with ease, and it has made the market sentiments quite bullish about the pioneer of the crypto space. While the speculations of a market correction and another bottom have been going on since April 2nd surge, where BTC broke the key market resistance of $5,200, and since then apart from small market corrections, there hasn’t been any significant dip.
As has been the case in the crypto space, even a short term bullish price rally prompts analysts to predict the prices of Bitcoin, and the current scenario is no different. With most of the key metrics like the trading volume, the sentiment of the market and price movements being bullish, Alex Mashinsky, an early developer of Voice over Internet Protocol (VoIP) and founder of the Celsius Network has predicted that Bitcoin might touch the $10k mark way sooner than many have anticipated.
In a recent interview at the New York Consensus 2019, Mashinsky said that looking at the current pace at which Bitcoin has soared past the $8,000 mark with few days of breaching $6,000, it would not be a big surprise if Bitcoin touches $10,000 in next few days. He explained why he thinks that way, saying,
“The short ratio is still 52% … There’s still a tremendous amount of people who are short on bitcoin who haven’t covered. So I think we’re going to go above ten thousand before we see a correction. Because these guys are going to be squeezed out. We haven’t seen the pain yet. We have not seen them cover. They have to cover, and when they cover, they buy bitcoin.”
Mashinksy also noted that Bitcoin has been known to defy odds and predictions based on data or charts, and the only thing predictable about Bitcoin is its unpredictability. He added,
“Everyone who said anything about Bitcoin was proven wrong. You want to make an ass out of yourself? Predict the price of Bitcoin.”
The Celsius Network founder is quite on point when he says, predicting the price of Bitcoin is the best way to make an ass of oneself, since even in the past, precisely right after the December 2017 peak, many have predicted the prices to double or even triple in the coming year, however we all know that 2018 resulted in one of the worst years for crypto space, from an investment point of view, as the market lost more than 80% of its total capitalization during the longest crypto winter.