CEO of leading crypto firm Nexo has predicted that Bitcoin price could reach $1000,000 this year. He was talking to CNBC regarding the short-term and long-term prospects of BTC.

Antoni Trenchev was positive about the chances of Bitcoin going above $100,000 “ within 12 months”

Mr. Trenchev gave a prediction in 2020 regarding BTC value going above $50,000 the same year. He says “Everybody was laughing me out”. Although Bitcoin only reached $29,000 that year, however, eventually BTC’s value did surge beyond $50,000 in the following year.

The cryptocurrency market has come a long way in the past two years. The institutional investments and the government’s interest in digital assets have made it too big of an industry to ignore.

Crypto whales like Michael Scott from MicroStrategy and Do Kwon of Terra Labs, keep on buying million-dollar worth of Bitcoin. They believe that Bitcoin can become a reserve currency in the future.

Also Read: Do Kwon Plans to Buy $10 Billion Worth of BTC

Bitcoin had a rough start to the year. Its value dropped around 40% at one point during the first quarter. Market analysts point at negative short-term prospects for Bitcoin.

According to Bitfinex CTO Paolo Ardonio, many crypto enthusiasts are passive in the market.

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

He believes Bitcoin can fall below $40,000 but will surge above $50K by the end of this year.

At the time of this writing, Bitcoin is trading at $40,472. The all-time high of Bitcoin sits at a whopping $68,990.