Over the next 12 months, Bitcoin could trade above $100,000. This forecast was given by Nexo CEO Antoni Trenchev in an interview with CNBC.
The head of the crypto-lending platform said he is “concerned” about the short-term prospects for Bitcoin. In his view, the price could fall along with traditional financial markets if the the Fed expands its monetary stimulus program.
In January 2020 Trenchev said that the cryptocurrency would “easily reach” $50,000 by the end of the year. He recalled that back then everyone laughed at him.
The forecast did not materialize exactly — the price of digital gold reached that level only in February 2021.
Bitfinex CTO Paolo Ardoino believes that by the end of 2022 Bitcoin will be “much higher” than $50,000. However, he allows for a sharp price drop in the near term.
“At the moment we are living in conditions, I would say, of global uncertainty in the markets — not only in cryptocurrencies, but also in equities,” Ardoino noted.
According to ForkLog, in March the correlation between Bitcoin and the U.S. stock market intensified. With respect to the S&P 500 the figure reached 0.48, and for the Dow index — 0.39.
In April the statistical link between the quotes of digital gold and Nasdaq 100 reached an all-time high.
Earlier, BitMEX co-founder Arthur Hayes expected Bitcoin to fall to $30,000 by the end of the second quarter fall to $30 000 due to the Nasdaq 100’s decline.