Celsius Network Chief Executive Officer Alex Mashinsky, considered a veteran crypto industry insider, remains optimistic about bitcoin prices despite the massive correction the cryptocurrency has had to deal with for the past days.

Almost a week ago, bitcoin climbed all the way to the $51,000 mark. But since then, it has been on a downtrend, even losing 10% of its value on Wednesday.

According to tracking from CoinGecko on Thursday, the crypto is now changing hands at $46,362, gradually trimming its losses for the past week which now stands at 5.1%.

Despite all of these, Mashinsky remains optimistic about the future of bitcoin.

Speaking on Yahoo Finance Live, the Celsius Network CEO said that if there is enough volume from new buyers, it will be possible to retest the $53K to $55K levels.

Not only that, he also said that he is still holding on to his projection that the asset will hit the $140K to $160K price range although it might happen by the first quarter of next year because of sudden flash crashes as well as clean-up with the Chinese miners.

The steep fall of bitcoin prices on Wednesday was seen as a side effect of the botched rollout of the asset as legal tender in El Salvador.

Aside from Mashinsky, other market observers also offered their technical analysis following the sharp movement of bitcoin prices.

TrendSpider Chief Market Analyst Jake Wujastyk shared his opinion, saying that although the crypto's price proved to be very volatile during the last few days, the pullback brought it to a known level they refer to as the "Anchored VWAP from the All Time High."

In consideration for the many uninitiated to the crypto sphere, the analyst clarified what Anchored VWAP is and said it indicates a Volume Weighted Average Price from a fixed starting point (known as the anchor point).

He then reinforced his statement by saying that for the case of bitcoin, the accuracy of the Anchored VWAP is almost uncanny. He further explained that the asset's price is being pulled back to it and will stop declining and bulls should look at this as an encouraging sign.