Can Bitcoin Reach $300K? Tether Co-Founder Predicts The ‘Sentiment-Driven Token’ Could Surge 350% Higher
By Benzinga
The price of Bitcoin (CRYPTO: BTC) has the potential to skyrocket by 350%, hitting $300,000 in the near future, according to Tether co-founder William Quigley.
What Happened: Quigley expressed his optimistic outlook for Bitcoin in a recent interview with CNBC on Monday. He noted that the upcoming halving event, which historically triggers more significant gains, could be a driving force behind the current bullish trend.
“Bitcoin is maybe the only globally traded asset that I know of whose demand is purely based on sentiment. There is no Bitcoin company, there isn’t a Bitcoin price-earning ratio; it’s just a sentiment-driven token. And what you can say about that, of course, is sentiment has no limits,” Quigley said.
“I’m not predicting this, I’m just saying if you apply historical patterns, it would suggest bitcoin being in excess of $300,000 at the peak of this next bull market.”
Quigley’s forecast aligns with the current market momentum. Bitcoin is currently trading at around $66,522, marking a more than 50% increase since the beginning of the year. The recent introduction of spot ETFs and the approaching halving event have significantly contributed to this surge.
See Also: Dogecoin Killer’ Shiba Inu Soars 90% In A Single Day — But These Indicators Are Flashing ‘Sell’
Quigley also highlighted the potential for a ripple effect across the entire crypto sector, as the value of other tokens, such as Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL), is closely tied to Bitcoin’s performance. He emphasized the sentiment-driven nature of Bitcoin’s demand, stating that “sentiment has no limits.”
Why It Matters: The bullish prediction from Quigley comes amid a series of positive developments in the crypto market. On Monday, Bitcoin’s price rally showed no signs of slowing down, leading the cryptocurrency to reach a new all-time high market capitalization of $1.33 trillion.
Additionally, Tom Lee, the head of research at Fundstrat, made a bullish prediction for Bitcoin. He believes that Bitcoin’s price will soon reach its long-term trend line of $82,000 and could potentially hit $150,000 by the end of 2024.
Image via Shutterstock
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