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Antoni Trenchev, according to CNBC, expects the world’s largest cryptocurrency will hit $100,000 “over the next 12 months.”
What if his claims come true?
The price of bitcoin will have to more than double this year if Trenchev’s prediction comes true.
For what it’s worth, Trenchev claimed in January 2020 that bitcoin would reach $50,000 by the end of the year. He recalls that “everyone was laughing at me.”
He raised the concern about bitcoin’s short-term prospects, hinting that it may follow traditional financial markets when the Federal Reserve begins to wind down its massive monetary stimulus program.
However, he cautioned that this might “further drive crypto,” since a “crash” in stocks would almost surely imply the Federal Reserve returns to “easing in no time.”
Trenchev’s prognosis for 2020 did not come true. That year, Bitcoin only managed to reach a high of slightly over $29,000.However, the cryptocurrency crossed the $50,000 marker in February 2021.
Supporters of cryptocurrency believe that the market has matured and that there is now enough liquidity that huge Wall Street firms like Jump Trading and Jane Street are flocking to digital assets.
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What do investors have to say about Bitcoin price?
Meanwhile, crypto “whales” such as Do Kwon, the co-founder of blockchain firm Terra Labs, are buying bitcoin in the millions in the hopes of it becoming a future “reserve” currency.
However, the market is facing significant headwinds. The cryptocurrency market is trending, and the global regulatory landscape remains fragmented. Bitcoin, in particular, is still strongly linked to the stock market, especially the Nasdaq index. Bitcoin, like markets, may continue to be volatile.
Bitcoin is currently over 40% behind its all-time high of $68,990.90.
Others feel the price of cryptocurrencies will not climb as much this year.
In an interview with CNBC on Wednesday, Paolo Ardoino, chief technical officer of Bitfinex, said, “At this specific moment in time, we are living under, I would say, worldwide uncertainty in the markets, not just the crypto markets, but also the stock markets.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
