Nexo crypto lending platform co-founder Antoni Trenchev says he is not going to flip his again on Bitcoin (BTC) despite the fact that BTC has misplaced greater than 70% of its worth for the reason that finish of 2021.
In a brand new interview with Bloomberg Expertise, Trenchev says that Bitcoin skilled sharp downward worth swings two years in the past earlier than recovering in a significant approach, and he anticipates that BTC will manifest one other bull cycle.
“The final time we had this sort of volatility in Bitcoin and it misplaced like 50% intraday was in March 2020. Exterior of these ranges, it went up 10 instances and reached ranges of $50,000. So after deleveraging and de-risking the sector, I feel we’ll return to an unbridled bull market.”
With crypto markets remaining in a chronic downtrend relationship again to final November, Trenchev believes that Bitcoin is more likely to maintain the $20,000 assist degree, but in addition notes that any broader macroeconomic uncertainties may even weigh on BTC worth motion. .
“I feel all of the negativity with all of the solvency points and strain that we noticed available in the market is already discounted.
I feel there’s a excellent probability that these ranges round $20,000 will maintain, which coincidentally are the earlier all-time highs from the earlier bull cycle that led to 2017-2018.
There’s a robust chance that we’ll see a aid rally right here, nevertheless it additionally depends upon how dangerous property behave typically. You possibly can’t take the S&P500 down 3% a day and anticipate a powerful rally in Bitcoin.”
In January, Trenchev stated that he anticipated Bitcoin to succeed in $100,000 by the center of the 12 months. When pressed by Bloomberg host Matt Miller for his newest worth prediction, the Nexo co-founder stated:
“I’m standing agency and my aim is $100,000 12 months from now. This may certainly not be the craziest factor Bitcoin has ever accomplished.”
On the time of writing, Bitcoin is up 1.31% and is altering palms for $20,560. BTC stays 56.6% beneath its 2022 opening worth of $47,292.
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