Nexo crypto lending platform co-founder Antoni Trenchev says he’s not turning his again on Bitcoin (BTC) regardless of BTC dropping greater than 70% of its worth since late 2021.
In a brand new interview with Bloomberg Know-how, Trenchev says Bitcoin skilled brutal value swings to the draw back two years in the past earlier than rallying in a serious means, and he anticipates BTC to manifest one other bull cycle.
“The final time we had such a volatility in Bitcoin and it misplaced like 50% intraday, it was in March 2020. Out of these ranges, it went up 10x and reached ranges of $50,000. So after the deleveraging and de-risking of the sector, I believe we’ll be again in a rampant bull market.”
Because the crypto markets stay in an prolonged downtrend relationship again to final November, Trenchev thinks Bitcoin is more likely to maintain the $20,000 assist stage but additionally notes that any broader macroeconomic uncertainty will even influence BTC’s value motion.
“I believe all the negativity with all of the solvency points and the strain that we noticed available in the market is already priced in.
I believe there’s a excellent probability that these ranges round $20,000 maintain, which coincidentally are the earlier all-time highs of the earlier bull cycle that ended 2017-2018.
There’s a excellent probability we see a reduction rally right here, however it additionally will depend on how the general risk-on belongings are performing. You may’t have the S&P500 go down 3% a day and count on a heavy rally in Bitcoin.”
Again in January, Trenchev stated he anticipated Bitcoin to succeed in $100,000 by the center of the yr. When pressed by Bloomberg host Matt Miller for his newest value prediction, the Nexo co-founder stated,
“I stick by my weapons and goal of $100,000 inside 12 months from now. This is not going to be by any measure the craziest factor that Bitcoin has achieved.”
At time of writing, Bitcoin is up 1.31% and altering fingers for $20,560. BTC stays down 56.6% from its 2022 opening value of $47,292.
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