Will Bitcoin (BTC) Hit $100,000 in a Year?

Bitcoin (BTC) is sitting at $39,987 (BTC/USD) today, which is down just 2.63% over the last 24 hours. Even while the top crypto is hanging out below the $50,000, some industry veterans are predicting it will hit as high as $100,000 in a year’s time.

The Prediction

According to Antoni Trenchev, who is the CEO of Nexo (a cryptocurrency lending firm), Bitcoin will surpass $100,000 by this time next year or before. His prediction calls that mark attainable in a matter of 12 months, though he thinks the token may fall in the short term.

Trenchev may a similarly wild claim about Bitcoin back in 2020. In January of that year, he said the coin would go as high as $50,000 by the end of the year. That didn’t happen, but Bitcoin did make it to $50,000 for the first time in February of 2021, not too far off the Trenchev’s prediction.

We’ll have to wait and see if his prediction comes as close to the mark this time. Keep in mind that the all-time high for Bitcoin is just over $68,000, which happened back in November of last year.

How Bitcoin Is Looking

Our outlook for Bitcoin is mostly optimist. Its below the all-time high and below where it was at the beginning of the year. Bitcoin has fluctuated between $33,000 and $47,000 this year so far, proving to be healthy but volatile. It is trading above $40,000, but for how long? The high for the year came at the end of last month, and it was mostly sustained over the next week. That shows some longevity for price increases, but what we aren’t seeing is positive growth for Bitcoin.

While Bitcoin may be the leading cryptocurrency token, it has not grown this year at all. Even when it did move above its starting point for the year, it could not sustain that gain. This may be the story we continue to see played out throughout the year, as Bitcoin may struggle to hold on to any gains and may have a difficult time moving past the $50,000 support level, much less $100,000.