Investing.com – The year 2022 is under pressure, putting pressure on key support, and unable to post any significant rebounds, but that does not dampen the optimism of some.
Antoni Trenchev, the boss of the crypto lending platform Nexo, one of the market leaders, has in fact estimated that bitcoin could reach 100,000 dollars by the middle of the year 2022.
“I think bitcoin will hit $ 100,000 this year, probably around the middle of the year,” Trenchev said on CNBC’s “Street Signs Asia” Monday.
Note that Nexo has issued more than $ 6 billion in credit and manages assets for more than 2.5 million users worldwide.
Mr Trenchev said there were “two simple reasons” he is seeing big gains for bitcoin.
The first is that institutions are “building up their treasuries” and filling them with cryptocurrency. Companies such as MicroStrategy and Square (NYSE 🙂 and of course Tesla (NASDAQ 🙂 are some of the best-known examples of companies that have bought massive amounts of bitcoin that they put on their balance sheets.
Another reason is his prediction that “cheap money” – the loose monetary policy of the Fed and other central banks – is here to stay – which he says will be a boon to cryptocurrencies. However, this statement should be put in perspective with the fact that the market is anticipating a Fed rate hike in less than two months, which will weaken this bullish argument.
Note that the boss of Nexo is not the only one to anticipate a rise in BTC / USD to $ 100,000 this year. Indeed, a rise in Bitcoin to $ 100K was part of the by the President of El Salvador Nayib Bukele.
From a technical point of view, Bitcoin is also in a delicate situation with a clearly unfavorable context that only an increase above $ 52,000 could significantly improve.
Conversely, a break below the support area of $ 45,700 would pave the way for a dip to $ 44,000 initially, ahead of 42,000 (4/12 low) and the major psychological threshold of $ 40,000.
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