Bitcoin is now trading above $40,000, and market experts are optimistic it could reach $100,000 soon.
Antoni Trenchev, CEO of crypto lending firm Nexo, believes Bitcoin’s price could climb toward $100,000 within a year. He made this prediction during a recent interview with CNBC.
Bitcoin has underperformed in recent weeks and is currently trading above $40,000 per coin. Trenchev said he remains concerned about the cryptocurrency’s short-term performance.
He suggested Bitcoin’s near-term outlook could mirror traditional financial markets if the Federal Reserve begins to unwind its aggressive monetary tightening.
However, over the longer term Trenchev argued such measures would favor the crypto market. He added that a downturn in equities could prompt the U.S. Federal Reserve to resume easing sooner than many expect.
As a result, Trenchev expects Bitcoin’s value to more than double, forecasting it could reach $100,000 within the next 12 months.
Paolo Ardoino, chief technology officer at Bitfinex, is also positive about the crypto sector, though he does not expect Bitcoin to hit $100,000 in the coming months. He told CNBC:
“At this time we’re living through, in my view, global market uncertainty—not just in crypto but in equities as well. So we’re seeing lower volumes in the crypto space… Bitcoin volumes have decreased over the past few weeks. That’s an important metric because it indicates many whales and active market participants who were previously very active are holding back a bit.”
The Bitfinex CEO said he expects Bitcoin to finish 2022 trading just above $50,000. He remained bullish on the market’s long-term prospects, adding:
“I’m a Bitcoin bull. I see so much happening in this industry and so many countries showing interest in adopting Bitcoin that I’m genuinely positive.”
Bitcoin is down more than 40% from its all-time high of $69,000 reached in November 2021.