One industry leader believes Bitcoin can more than double in the next 12 months.
- Nexo’s Antoni Trenchev predicts Bitcoin’s price could exceed $100,000 before April 2023.
- Other financial gurus say Bitcoin could collapse completely or rise above $1 million in the next 10 years.
Nexo CEO and cofounder Antoni Trenchev thinks the price of Bitcoin (BTC) could reach $100,000 in the next 12 months. Trenchev, who’s no stranger to making Bitcoin price predictions, also warned crypto investors to expect further volatility in the short term.
Why Nexo’s CEO thinks Bitcoin can exceed $100,000
Trenchev told CNBC that the granddaddy of crypto could soar to $100,000 and beyond. In the near term, he’s worried about how the Fed’s economic tightening measures could impact crypto and other assets.
He said he thought crypto prices could fall in tandem with other markets. But the crypto heavyweight argues that this might actually help crypto. The reason? He said a stock market crash could cause the U.S. central bank to re-introduce economic easing measures. The idea is that economic easing would mean more money sloshing around, making investors more comfortable with riskier assets like crypto.
As I write this, Bitcoin’s price is hovering close to $40,000 so it would need to more than double for Trenchev’s prediction to come true. Last November, Bitcoin reached a high of almost $68,000, according to CoinGecko data. But the economic and geopolitical situations were very different. Nonetheless, Bitcoin is an extremely volatile asset. Given the right conditions, we’ve already seen it can climb to new highs extremely quickly.
Trenchev’s recent forecast echoes one he made at the start of the year. In January, he predicted Bitcoin would reach $100,000 in 2022. Back in 2020, Trenchev said the lead cryptocurrency would reach $50,000 that year. This prophecy didn’t come true until 2021.
Is $100,000 realistic?
One of the many crazy aspects of crypto investing is that if you look hard enough, you’ll find Bitcoin price predictions that range from total collapse to a surge above $1 million. For example, in January, Ark Invest’s Cathie Wood said Bitcoin could exceed $1 million by 2030. Only a month before, the deputy governor of the Bank of England told the BBC it could “practically drop to zero.”