The crypto market saw decent rebound on Monday as Bitcoin (BTC) pushed above $30k, with a multi-week high above $32,000 seeing the cryptocurrency turn positive on the weekly chart after nine consecutive red candles.
The rest of the market also saw some nice bumps as Ethereum surged above $2,000 and several other top coins rose to push the total crypto market cap up almost 4%.
Bitcoin is ‘overdue a rebound’
While bulls are not out of the woods yet given the bear market, Celsius CEO Alex Mashinsky believes the crypto market is “due a rebound.”
He told Kitco News in a interview ahead of Monday’s rebound, it seems likely that there is more room for upside given the market’s outlook over the past few weeks. The Celsius CEO also pointed to Wall Street’s performance last week, where major indices posted a losing streak, including the S&P 500 which was up a modest 6% at Friday’s close.
Mashinsky also notes that analysts at JPMorgan recently released a research report suggesting the sell-off in crypto was “overdone.” The report suggested a rebound was likely to push Bitcoin price to around $38,000.
Moreover, with $1.8 billion in crypto expiries, a bullish reversal is very likely. On the overall bearish pressure still present amid extreme fear among investors, the Celsius executive added:
“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.”
Bitcoin is currently trading around $31,780 while Ethereum is hovering around $1,960 as US markets open after Monday’s holiday close.
