After nine consecutive red candles, the crypto market showed a modest rebound Monday. Bitcoin (BTC) reached $30k and surpassed $32,000 for a multiweek high. This led to the cryptocurrency turning positive on its weekly chart.
The rest of crypto markets also saw positive changes, with Ethereum jumping above $2k and other top coins rising to boost the total market capitalization by nearly 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.”
Kitco News was informed by him in an interview ahead of Monday’s bounce that more room for upside looks likely given the market outlook over the past few weeks. The Celsius CEO also pointed to Wall Street’s performance last week, where the major indexes snapped a losing streak, including the S&P 500 that had edged +6% by 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.
A bullish reversal of sentiment is also possible, as $1.8 billion worth crypto expirations are on. Celsius executive added that there is still a lot of bearish pressure and extreme fear among investors.
“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 currently trades around $31,780 while Ethereum is hovering near $1,960 as US markets open after Monday’s holiday close.