The crypto market saw a decent rebound on Monday as Bitcoin (BTC) surged above $30,000, with a multi-week high above $32,000, with the cryptocurrency turning 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 “late to rebound”
Although the bulls are not out of the woods yet given the bearish market, Celsius CEO Alex Mashinsky believes the crypto market is “due for 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 that crypto selling was “exaggerated.” The report suggested that 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 bounces and here we are late 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.