Bitcoin is currently trading above $40k, but market experts are optimistic that it will reach $100,000 soon.
Antoine Tranchev, CEO of crypto lending firm Nexo, is confident that the price of bitcoin will rise to $100k within a year. He mentioned it recently during a interview with CNBC,
Bitcoin has been performing poorly in recent weeks and is currently trading above $40k per coin. However, he said he is concerned about the short-term performance of the leading cryptocurrency.
Tranchev said bitcoin’s short-term prospects may align with traditional financial markets as the Federal Reserve begins to open up its massive monetary stimulus program.
However, in the long run, this move will favor the cryptocurrency market. Trenchev said the fall in stocks would mean the United States Federal Reserve would ease up in no time.
As a result, he expects the value of bitcoin to more than double and reach $100,000 in the coming 12 months.
Bitfinex Chief Technology Officer Paolo Ardoino is also bullish on the cryptocurrency market. However, he does not think that bitcoin will reach $100,000 in the next few months. He told CNBC that;
“At this particular moment, we can say, we are living under global uncertainty in the market, not only in the crypto markets, but also in the stock markets. So we are definitely seeing less volume on the crypto side… Bitcoin volume has declined in a few weeks, so it is quite important as a metric because it tells many whales, many active market participants, participants who were previously very active, are waiting a bit.
The CEO of Bitfinex said that he expects the price of bitcoin to be above $50k by the end of trading in 2022. However, he is optimistic about the long-term prospects of the market. He said;
“I am an enthusiast on bitcoin. I see a lot in this industry and there is interest in bitcoin adoption in so many countries that I am really positive.
Bitcoin is down more than 40% from its all-time high of $69k which it attained in November 2021.