Bitcoin Could Reach $300,000, Says Tether Co-Founder
Tether (USDT) co-founder William Quigley suggests that Bitcoin (BTC) could potentially reach $300,000 during this ongoing bull market. While he clarifies that he is not making a prediction, Quigley points out that historical patterns surrounding past Bitcoin halvings indicate such a target is possible. The upcoming halving for Bitcoin is scheduled for April 18th.
Strong Fundamentals and Historical Patterns
Quigley highlights the stronger fundamental position of Bitcoin compared to its last halving in May 2020. He mentions two key factors contributing to this:
- The increased derivative volume of Bitcoin
- The approval of spot BTC exchange-traded funds (ETFs)
Additionally, Quigley points out that Bitcoin typically experiences a significant surge after its halving event.
Sentiment-Driven Demand
Quigley emphasizes that Bitcoin is a sentiment-driven asset with demand solely based on sentiment rather than traditional metrics such as company performance or price-earning ratios. He notes that sentiment has no limits and there is always room for increased optimism. Consequently, the current rally may be the largest seen so far.
Bitcoin’s Current Price
As of now, Bitcoin is trading at $66,241 and has experienced a nearly 4% increase in the past 24 hours.
Hot Take: Potential for a $300,000 Bitcoin
Based on historical patterns surrounding past Bitcoin halvings, Tether co-founder William Quigley suggests that BTC could reach $300,000 during this ongoing bull market. While not making a definitive prediction, Quigley highlights the stronger fundamental position of Bitcoin compared to its last halving in May 2020. He also points out that Bitcoin typically skyrockets after its halving event. With Bitcoin currently trading at $66,241, there is potential for significant growth in the near future.
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