Bitcoin (BTC) could reach $ 100,000 within a year, predicts this CEO of a major cryptocurrency firm

  • Bitcoin could reach $ 100,000 within a year, Antoni Trenchev, CEO of cryptocurrency lending firm Nexo, predicted.
  • He said bitcoin could fall alongside traditional financial markets as the Federal Reserve reverses its massive stimulus policy. But ultimately, a stock “crash” could force the Fed back to relaxationhe has declared.
  • There are still headwinds for the cryptocurrency market as the global regulatory environment remains fragmented and the digital currency still remains. volatile

Bitcoin could reach $ 100,000 within a year, the CEO of crypto loan company Nexo predicted.

Antoni Trenchev told CNBC that he believes in the world’s largest cryptocurrency it could exceed $ 100,000 “Within 12 months”.

He said he was “worried” about bitcoin’s near-term outlook, suggesting it could fall in tandem with traditional financial markets as the Federal Reserve begins carrying out its massive monetary stimulus program.

But that could, in turn, “give cryptocurrencies a boost,” he added, as a “crash” in stocks would likely mean the US central bank will eventually “revert to easing in no time.”

If Trenchev’s predictions are correct, this would mean that the price of bitcoin would more than double this year.

For what it’s worth, in January 2020, Trenchev predicted that the price of bitcoin would exceed $ 50,000 by the end of this year. “Everyone laughed at me,” he says.

Trenchev’s prediction for 2020 did not come true. Bitcoin only managed to peak at just over $ 29,000 that year. But the cryptocurrency finally crossed $ 50,000 in February 2021.

Cryptocurrency believers say the market is mature and there is ample liquidity now that major Wall Street institutions like Jump Trading and Jane Street are pouring into digital assets.

Meanwhile, crypto “whales” like Do Kwon, the co-founder of blockchain company Terra Labs, are buying millions of dollars worth of bitcoin in the belief that it could become a future “reserve” currency.

But there are headwinds for the market. The global regulatory environment remains fragmented and the cryptocurrency market remains volatile. Notably, bitcoin remains strongly correlated with the stock market, particularly the Nasdaq index. While stocks remain volatile, bitcoin could also become volatile.

Bitcoin is still around 40% off its all-time high of $ 68,990.90.

Other cryptocurrency executives aren’t expecting much price appreciation this year.

“In this particular moment in which we are experiencing, I would say, global uncertainty in the markets, not only in the cryptocurrency markets, also in the stock markets,” Paolo Ardoino, chief technology officer of Bitfinex, told CNBC. on Wednesday.

“So we are seeing significantly lower volumes on the crypto side … bitcoin volumes have declined in the past few weeks. So it’s quite important as a metric, because it indicates that a lot of whales, a lot of active market participants, participants that were very active before are waiting on the sidelines.

The whales (or “Whales”), large investors capable of moving the market.

Ardoino said bitcoin it could fall well below $ 40,000but expects the digital currency to be “much higherAt $ 50,000 by the end of the year.

“I am a bitcoin bullish person … I see there is so much happening in this industry and in so many countries interested in adopting bitcoin that I am really positive,” he said.

💎 Find the best gems with our free guide!

Find out how to analyze cryptocurrencies like a pro, avoiding red flags and scams, to start or continue your adventure in the world of cryptocurrencies.

Leave a Reply

Your email address will not be published.