Bitcoin, ethereum and other cryptocurrency prices have been under pressure since a sharp sell-off in January.

Bitcoin prices, now down about 50 percent from a peak of nearly $70,000 per bitcoin in November, have found a temporary bottom – with some bullish investors predicting a price rise is just around the corner. Ether, the second-largest cryptocurrency after bitcoin, and other smaller cryptocurrencies have also fallen, in line with the stock market and fears that new "national security" regulations will impose severe restrictions.

Now, a cryptocurrency CEO has revealed that he will be "very, very aggressive" in buying bitcoin at the price level – and that demand for irreplaceable tokens (NFTs) is key to ethereum price support.

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"I wouldn't be surprised to see our price go as low as about $26,000," Forrest Przybysz, founder and CEO of cryptocurrency K-line charting company CryptoStackers, told Insider. "In fact, that's the level that I personally would be very, very aggressive in buying."

However, Przybysz warns that at this point, the possibility of a so-called cryptocurrency winter, where prices remain depressed for years in 2018 and 2019, is "moderately reasonable".

Last month, analysts at banking giant UBS warned that the looming prospect of a Federal Reserve rate hike and the end of pandemic-era stimulus could send cryptocurrencies into another cryptocurrency winter bear market.

Before the recent cryptocurrency crash wiped more than $1 trillion from the bitcoin and cryptocurrency markets, Przybysz predicted that the bitcoin price would reach a "big, aggressive peak" of $120,000 by early 2022.

Przybysz says, "There is reason to believe or assume that there is an upside to the parabolic nature." "Everything I do is based on a risk-reward model, where we have to understand the return and measure it against a risk scenario. Only this time, we're seeing a risk scenario rather than a reward scenario."

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Bitcoin prices have fluctuated dramatically in the last year, with prices plunging late last year …… [+] year as well as ethereum and other cryptocurrencies.

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Still, Przybysz remains bullish, saying he "wouldn't be surprised" to see bitcoin hit new highs "significantly before then," and naming November's U.S. midterm elections as a possible breaking point.

Meanwhile, the booming NFT collectibles market, which has attracted well-known sports stars, top Hollywood stars and Silicon Valley titans over the last year, may have helped the Ether price rally to a new all-time high of around $8,000.

According to cryptocurrency analytics firm Chainalysis, NFTs (digital certificates of ownership registered primarily on the ethereum blockchain) are exploding in 2021, with just over $40 billion spent on NFTs.

"Just from a supply and demand perspective, I'm actually more bullish on ethereum than I am on bitcoin over the next year or two," Przybysz said, referring to ethereum's planned shift to proof – a proof-of-stake model that has already seen ethereum supply begin to shrink.