Bitcoin (BTC) rose above $30,000 on Monday, in a strong rebound that extended the cryptocurrency’s recent rally. After nine consecutive red candles, BTC turned positive on the weekly chart after surpassing $32,000.

The move higher was led by Bitcoin and Ethereum (ETH), which saw respective gains of 5.3% and 8.2%. While altcoins lagged with double-digit percentage losses in a broad-based sell-off.

Celsius Network CEO Alex Mashinsky told Cointelegraph that the rebound was overdue. Adding that Bitcoin’s price had been “suppressed” in recent months.

“The market was overdue for a relief rally as Bitcoin got suppressed below $30,000 for six weeks. The move today is a result of the shorts getting squeezed as Bitcoin broke out,” he says.

Mashinsky also notes that Bitcoin’s price had been pressured by macroeconomic factors such as the U.S. dollar’s recent rebound and fears of inflation.

Bitcoin is ‘overdue a recovery’

Even though bulls have not yet been fully resurrected, Celsius CEO Alex Mashinsky thinks the crypto market is “due for a comeback.”

Ahead of Monday’s bounce, the developer told Kitco News in an interview. That there appears to be more room for upside owing to the market’s recent trajectory.

The Celsius CEO refers to Wall Street’s performance last week when the major indexes rebounded after a losing run. Including the S&P 500, which had edged +6% by the close of business on Friday.

“I think that the market is overdue for recovery and Bitcoin is overdue for a recovery. You know, if you look back at December, Bitcoin was up almost 50% from where it started the month,” says Mashinsky.

According to his tweets, Mashinsky says that market experts and analysts at JPMorgan recently. Published a research paper suggesting that the cryptocurrency sell-off has gone too far.

The report predicted a recovery would likely send Bitcoin prices to approximately $38,000.

The bearish momentum is still present in the market, but with $1.8 billion worth of crypto expiries coming up. A reversal appears to be on its way. The Celsius executive also states:

“It’s going to be a little bit of a roller coaster. Bitcoin goes up, Bitcoin goes down. It’s very emotional right now. Because people have put so much money into it and they see the prices going down and they get worried.”

You can press a spring as hard as you want but the harder you press it the harder it rebounds and here we’re overdue for a rebound.”

While the near-term outlook for Bitcoin remains uncertain, the long-term prospects for the leading cryptocurrency remain bullish.

With institutional adoption on the rise and Bitcoin emerging as a haven asset. The stage is set for Bitcoin to continue its march toward becoming a mainstream asset.

As the US market opens today after a weekend holiday, Bitcoin is around $31,780, while Ethereum is near $1,960.

Bitcoin’s price is down nearly 20% from its all-time high of $41,940 set on Jan. 8. While Ethereum has given up nearly 30% from its record high of $2,080 set just days ago.

Still, Bitcoin and Ethereum are both up more than 70% since the start of 2021. While the S&P 500 is up a more modest 4%.

Bitcoin’s recent price pullback could be attributed to profit-taking. After such a strong run-up in price as well as renewed concerns about regulatory crackdowns in China.

Celsius CEO Alex Mashinsky remains bullish on Bitcoin and cryptocurrency despite the recent price declines.

In an interview with Bloomberg, Mashinsky said that Bitcoin is “overdue for a recovery.” And that he expects the leading cryptocurrency to retest its all-time highs soon.

Do you agree with Mashinsky’s position? Please hit the comment section and let us know what you think.

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James Atkins

I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.