Bitcoin Optimistic Prediction Says BTC Will Surge By 350% | CryptoGazette

Despite the dreadful crypto winter that we entered, there are still some optimistic predicitons about the price of the king coin. Check them out below.

Bitcoin optimistic prediction is out

According to the latest reports, the Nexo crypto lending platform co-founder Antoni Trenchev said that he’s not turning his back on Bitcoin (BTC) despite BTC losing more than 70% of its value since late 2021.

During a new interview with Bloomberg Technology, Trenchev says Bitcoin experienced brutal price swings to the downside two years ago before rallying in a major way, and he anticipates BTC to manifest another bull cycle.

“The last time we had this type of volatility in Bitcoin and it lost like 50% intraday, it was in March 2020. Out of those levels, it went up 10x and reached levels of $50,000. So after the deleveraging and de-risking of the sector, I think we’ll be back in a rampant bull market.”

The crypto markets remain in an extended downtrend dating back to last November, Trenchev thinks that any broader macroeconomic uncertainty will also impact BTC’s price action.

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

He continued and stated the following:

“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.”

He also said:

“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.”

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $19,636. Stay tuned for more news and make sure to keep your eyes on the crypto market as well.