The chief executive officer (CEO) of cryptocurrency lending firm Nexo forecasts that Bitcoin (BTC) will reach $100,000 U.S. within a year.
Antoni Trenchev says he thinks the world’s biggest cryptocurrency can surge above $100,000 U.S. “within 12 months.” He added that he’s “worried” about Bitcoin’s short-term prospects, suggesting it may fall in tandem with traditional financial markets as the Federal Reserve raises interest rates.
But that may, in turn, “give further impetus to crypto,” he added, as a crash in stocks would likely mean the U.S. central bank eventually goes “back to easing in no time.”
In January 2020, Trenchev forecast Bitcoin’s price would top $50,000 U.S. by the end of that year. That prediction didn’t come true. Bitcoin only managed to hit a high of just over $29,000 U.S. that year. But the cryptocurrency did eventually surpass that $50,000 U.S. level in February 2021.
Cryptocurrency bulls say the cryptocurrency market has matured, and that there’s ample liquidity now that major Wall Street institutions are moving into digital assets.
But there are headwinds for the market. The global regulatory environment remains fragmented, and the cryptocurrency market remains volatile. Bitcoin is currently about 40% below its record high of $68,990.90 U.S. reached last fall.
