Quinn Thompson, CEO of Lekker Capital, forecasts Bitcoin at $100K and Ethereum at $7K by November, citing upcoming catalysts like ETFs and elections.
In a current submit on the social media platform X, Quinn Thompson, Founder and CEO at Lekker Capital, expressed his bullish outlook on the crypto market, notably BTC and ETH. Thompson believes that Bitcoin (BTC) and Ethereum (ETH) are presently presenting some of the engaging shopping for alternatives in current reminiscence.
Title: We’re amidst some of the apparent and engaging crypto shopping for alternatives of current reminiscence.
Subtitle: Whereas the market has fully reset, the structurally constructive election, liquidity and crypto momentum cycles stay intact.
Physique: In all of my 5 years in…
— Quinn Thompson (@qthomp) June 26, 2024
He predicts that Bitcoin will surge to $100,000 whereas Ethereum will climb to $7,000, each reaching these milestones by the November election.
Election, Liquidity, and ETFs
Thompson’s optimism stems from a number of elements that he believes the market has but to cost in absolutely. These embrace the upcoming U.S. presidential election, elevated liquidity from the Federal Reserve, and the launch of the Ethereum ETF. Moreover, Thompson factors to the Circle IPO and improved Bitcoin miner profitability as additional catalysts for progress.
The CEO’s confidence out there’s potential for a major rally can also be supported by numerous metrics. The CME foundation for Bitcoin and Ethereum and the proportion of open curiosity in altcoins are all at cycle lows. Stablecoin provide has begun to develop once more, indicating renewed curiosity and potential for upward value motion.
In accordance with the assertion, any potential influence on Bitcoin and Ethereum costs ensuing from the Mt. Gox or US and German authorities provide overhangs has already been factored into the market. Due to this fact, Thompson steered that such beforehand identified data wouldn’t considerably affect the reason for main declines within the costs of BTC and ETH.
From Bearish to Bullish
Thompson argues that present sentiment are overly bearish, and a “slowly then all of the sudden” dynamic is prone to play out as traders regain confidence and reenter the market. The CEO factors out that related detrimental narratives are presently being expressed concerning the potential Ethereum ETFs, echoing the feelings earlier than the Bitcoin ETFs launch. This attitude means that the present pessimism could also be overstated and that the market might quickly see a constructive shift.
Thompson’s predictions align with these of different outstanding figures within the crypto house. Galaxy Digital CEO Michael Novogratz has beforehand acknowledged that he believes Bitcoin might attain $100,000 this 12 months. Equally, “Wealthy Dad Poor Dad” writer Robert Kiyosaki has forecasted an identical value goal for Bitcoin by the center of the 12 months.
