Recently, Chinese regulatory authorities have taken frequent actions to crack down on virtual currency trading and virtual currency mining, and the price of Bitcoin has plummeted, which is almost cut from the highest point of $64,900 during the year on April 14.

But even so, there are tycoons who are optimistic about Bitcoin. Recently, Celsius Network CEO Alex Mashinsky said that Bitcoin To Sail Past $140,000 After BTC Clears This Hurdle.

He believes that there are two main reasons for the decline in the price of Bitcoin：

1. Retail FOMO (fear of missing out) bought the run-up to $65,000. Sold ~$3B worth.

2. Flash selling last week of ~$3B that included miners & China retail, some FUD (fear, uncertainty and doubt) selling. 

Mashinksy posits that the last wave of selling will come from funds that he predicts will take advantage of the $20 billion worth of GBTC (Grayscale Bitcoin Trust) shares that will be unlocked this month. He expects funds that want to capture price differences in the market (arbitrage opportunities) willshortBitcoin and purchase GBTC shares at a high discount. According to Mashinsky, the net result is $5 billion worth of sell pressure, which could drive Bitcoin below $30,000.

After this July sell-off, we should see smooth sailing for the rest of the year as we break new ATH (all-time high) on our way to the $140,000-$160,000 price range per BTC before correcting back to the $90,000 levels to close the 2021 year end.

If you are as optimistic about Bitcoin as Celsius Network, this is a good time to start mining. Due to the sharp drop in currency prices, the current prices of hashrate and Mining Rental on the RHY platform have been drastically reduced. Miners can mine at a lower cost and obtain high returns in the subsequent market.

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