Crypto CEO: Bitcoin to Hit $100K in a Year

Trenchev’s prediction comes as the leading cryptocurrency is exhibiting correlative movements with the stock market. Rampant inflation is also pushing the price of bitcoin down this year.

Nonetheless, as the U.S. Federal Reserve looks to unwind a majority of the assets that it purchased during the pandemic, this could trigger a sell-off in stocks. That could translate into investors seeking safe havens in assets like bitcoin, which could push the price higher.

Other market experts may not be so bullish on bitcoin. While institutional money has been flowing into digital assets, the current volume may not reflect an influx of capital just yet.

“In this particular moment in time we are living under, I would say, global uncertainty in the markets, not just the crypto markets, also in the stock markets,” Paolo Ardoino, chief technology officer of Bitfinex, told CNBC.

“So we are seeing definitely lower volumes on the crypto side … bitcoin volumes have dropped over the last few weeks," Ardoino added. "So that is quite important as a metric because it tells many whales, many active market participants, participants that were very active before are waiting a little bit on the sidelines.”

If you’re feeling bullish on bitcoin, take a look at the ProShares Bitcoin ETF (BITO). The fund primarily invests in bitcoin futures to get exposure to the leading cryptocurrency via a traditional financial market exchange (in this case, the New York Stock Exchange).

For investors who think that getting exposure via a fund will diverge from bitcoin prices in terms of correlation, it could be worth taking into account that so far this year, both BITO and bitcoin have been correlating closely.

For more news, information, and strategy, visit the Crypto Channel.