Bitcoin Could Hit $100,000 Within A Year, As Predicted

According to the CEO of crypto financing business Nexo, Bitcoin might reach $100,000 within a year. Antoni Trenchev told CNBC that he believes the world’s largest cryptocurrency will surpass $100,000 “over the next 12 months.”

He expressed “concern” about bitcoin’s short-term prospects, implying that it may fall in line with traditional financial markets as the Federal Reserve begins to unravel its huge monetary stimulus program. However, this may “provide more fuel to crypto,” he continued, because a “collapse” in equities would almost certainly imply the US central bank returns to “easing in no time.”

If Trenchev’s prediction is true, bitcoin’s price will have to more than double this year. For what it’s worth, Trenchev forecasted in January 2020 that bitcoin’s price will surpass $50,000 by the end of the year. “Everyone was laughing at me,” he recalls. Trenchev’s prognosis for 2020 did not come true. Read also: OnePlus 4K Android Smart TV: Y1S Pro 43-inch Available at Rs. 29,999/-

That year, Bitcoin only reached a high of slightly more than $29,000. However, the cryptocurrency ultimately surpassed $50,000 in February 2021. Crypto enthusiasts argue that the market has matured and that there is now enough liquidity that large Wall Street organizations such as Jump Trading and Jane Street are flocking to digital assets.

Meanwhile, crypto “whales” such as Do Kwon, co-founder of blockchain startup Terra Labs, are amassing millions of dollars in bitcoin in the hope that it could become a future “reserve” currency. However, the market is facing significant challenges.

The worldwide regulatory framework is still fragmented, and the cryptocurrency market remains volatile. Bitcoin, in particular, remains highly connected with the stock market, particularly the Nasdaq index. While stocks remain volatile, bitcoin may as well. Read also: Realme Book Prime launched with11th Gen

“At this point in time, I would say, there is worldwide uncertainty in the markets, not only the crypto markets, but also in the stock markets,” Paolo Ardoino, chief technical officer of Bitfinex, told CNBC in an interview on Wednesday.

“So we are absolutely seeing fewer volumes on the crypto side… bitcoin volumes have declined in recent weeks.” So it is a really important indicator because it shows us that many whales, many active market players, individuals who were extremely engaged previously, are now sitting on the sidelines.” Read also: Delhi Govt Offers a Subsidy If You’re Planning to Buy E-Cycle

Ardoino believes bitcoin might go dramatically below $40,000, but that it would be “far beyond” $50,000 by the end of the year. Whales are huge investors with the ability to influence the market. “I’m a believer in bitcoin… “I’m quite optimistic because I see so much happening in this market and so many nations interested in bitcoin adoption,” he remarked.