Bitcoin will Skyrocket by 350%, says a Crypto Lender Co-founder

Antoni Trenchev who is the co-founder of Nexo crypto lending platform has predicted that bitcoin will rally back up and surpass its all time high.

Cryptocurrency market keeps moving downtrend since November 2021, which have caused Bitcoin losing more than 60% of its value and Bitcoin is now trading at $20,000 support level.

Trenchev explain in a recent interview with Bloomberg that this has happened some years ago when BTC experience a downward swing in price before bullying back to break it all time high, and he's looking forward for same thing this time again.

“Last Bitcoin had experience this type of Volatility was in March 2020 when BTC lost up to 50% intraday. After then, it skyrocket 10x which surpass its previous high and reached levels of $50,000. So after the downtrend and de-risking of the sector, I think Bitcoin will be back in a rampant bull market.”

Antoni Trenchev has predicted back in January, that he see Bitcoin reaching $100,000 before the end of this year, and after being interviewed recently by Bloomberg press host Matt Miller, on his perspective on current BTC price, the Nexo co-founder explained that, he will not eat his words and still believe that BTC will reach $100,000 in 12 months starting from now. And we should also note that any economic uncertainty could have impact on BTC price.

As at now judging by 24h TF, Bitcoin is still down -8.4% and not looking promising. Bitcoin price is now trading at $18,963.01 as seen on Coin Gecko. BTC remains down by 59.2% since the beginning of this year's price of $47,292.

Despite the huge fall in Bitcoin price Trenchev believes this is a great opportunity, he said,

“I think all of the negativity with all the solvency issues and the pressure that we saw in the market is already priced in.

I think there is a very good chance that these levels around $20,000 hold, which coincidentally are the previous all-time highs of the previous bull cycle that ended 2017-2018.

There is a very good chance we see a relief rally here, but it also depends on how the overall risk-on assets are performing. You can’t have the S&P500 go down 3% a day and expect a heavy rally in Bitcoin.”

Watch Nexos's Trenchev call on BTC to Hit $100,000 in 12 Months as he speaks with Matt Miller, Anna Edwards and Kriti Gupta on Bloomberg Surveillance.