Bitcoin is currently trading above $40k, but market experts are optimistic it will reach $100,000 soon.
Antoni Trenchev, CEO of crypto lending firm Nexo, is confident that Bitcoin’s price will rally towards $100k within a year. He mentioned this during a recent interview with CNBC.
Bitcoin has been underperforming in recent weeks and currently trades above $40k per coin. However, he stated that he is worried about the short-term performance of the leading cryptocurrency.
Trenchev said Bitcoin’s short-term prospects could align with traditional financial markets as the Federal Reserve starts unwinding its massive monetary stimulus program.
However, in the long run, the move would favour the cryptocurrency market. Trenchev said a crash in stocks would likely mean the United States Federal Reserve would go back to easing in no time.
As a result, he expects Bitcoin’s value to more than double and reach $100,000 over the coming 12 months.
Paolo Ardoino, chief technology officer of Bitfinex, is also optimistic about the cryptocurrency market. However, he doesn’t think Bitcoin will reach $100,000 over the next few months. He told CNBC that;
“In this particular moment in time, we are living under, I would say, global uncertainty in the markets, not just the crypto markets, also in the stock markets. So we are seeing definitely lower volumes on the crypto side … bitcoin volumes have dropped over the last few weeks. So that is quite important as a metric because it tells many whales, many active market participants, participants that were very active before are waiting a little bit on the sidelines.”
The Bitfinex CEO said he expects Bitcoin’s price to end 2022 trading just above the $50k. He is, however, optimistic about the long-term prospect of the market. He said;
“I’m a bullish person on bitcoin. I see so much happening in this industry and so many countries interested in bitcoin adoption that I’m really positive.”
Bitcoin is down by more than 40% from its all-time high of $69k which it attained in November 2021.
Source link By Hassan Maishera