Quinn Thompson, CEO of Lekker Capital, has projected substantial gains for Bitcoin and Ethereum by November, citing forthcoming catalysts such as ETF introductions and elections.
In a recent update on X, Quinn Thompson, the Founder and CEO of Lekker Capital, conveyed his optimistic stance on the cryptocurrency market, particularly emphasizing Bitcoin (BTC) and Ethereum (ETH). Thompson views the current market as presenting one of the most attractive buying opportunities in recent memory.
Thompson forecasts that Bitcoin will surge to $100,000 and Ethereum to $7,000, achieving these milestones by the time of the November election.
Thompson’s optimism is underpinned by several factors that he believes have not yet been fully factored into the market. These include the upcoming U.S. presidential election, increased liquidity from the Federal Reserve, and the anticipated launch of an Ethereum ETF. Additionally, Thompson highlights the Circle IPO and improved profitability for Bitcoin miners as additional growth catalysts.
The CEO’s confidence in a significant market rally is bolstered by various metrics, including the CME basis for Bitcoin and Ethereum, and the percentage of open interest in alternative coins, all of which are currently at cyclical lows. Moreover, the resurgence in stablecoin supply signals renewed interest and potential upward price movement.
Regarding potential negative influences on Bitcoin and Ethereum prices, such as Mt. Gox’s impact or government supply overhangs from the U.S. and Germany, Thompson asserts that the market has already priced in these factors. Therefore, he suggests that their effects on BTC and ETH prices are likely to be limited.
Thompson argues that prevailing sentiments are overly bearish, anticipating a gradual, then sudden shift as investor confidence rebounds and market re-entry accelerates. He draws parallels to the skepticism surrounding potential Ethereum ETFs, akin to sentiments observed before the launch of Bitcoin ETFs, implying that current pessimism may be exaggerated and a positive market turn could be imminent.
Thompson’s predictions align with those of other notable figures in the cryptocurrency sphere. Galaxy Digital CEO Michael Novogratz has previously indicated Bitcoin’s potential to reach $100,000 this year, while “Rich Dad Poor Dad” author Robert Kiyosaki has also projected a comparable price target for Bitcoin by mid-year.
Disclaimer: This article serves informational purposes and should not be considered financial advice. The views expressed herein reflect the author’s personal opinions and do not necessarily represent those of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions, and The Crypto Basic bears no responsibility for financial losses incurred.