Co-founder of cryptocurrency lending/lending platform Nexo Antoni Trenchevannounced that although the Bitcoin price has lost 70% of its value since 2021, it still maintains its bullish belief.
In a new interview with Bloomberg Technology channel, Trenchev stated that he expects BTC to show another bull cycle, reminding that Bitcoin experienced brutal price fluctuations two years ago before recovering seriously.
“The last time we experienced similar volatility in Bitcoin was March 2020. Despite all the developments, the price managed to increase 10 times and reached $ 50,000. So, after the industry is leveraged and hedging, I think we will be back in a widespread bull market.”
Cryptocurrency While the markets remain in a long downtrend dating back to last November, Trenchev thinks Bitcoin will maintain the $20,000 support level, but also underlines that any broader macroeconomic uncertainty will also affect BTC’s price action.
“I think the problems we see globally have had an impact on Bitcoin, revealing the price. I think there is a very good chance that the previous all-time highs of the previous bull cycle ending 2017-2018, around $20,000, will hold.
The chances of us seeing a relief rally after spending some more time at these levels are pretty strong, but it will also depend on how the assets at risk perform. With the S&P500 down 3% on the day, you can’t expect a massive rally in Bitcoin.”
In January, Trenchev concluded by stating that he expects Bitcoin to reach $100,000 by mid-year. Nexo’s co-founder made the following statements to Bloomberg channel host Matt Miller:
“I am committed to my guns and have a target of $100,000 in the next 12 months. This will by no means be the craziest thing Bitcoin has ever done.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.