Lekker Capital CEO Quinn Thompson predicts that by November, Bitcoin will reach $100,000 and Ethereum will reach $70,000, citing upcoming catalysts such as ETFs and elections.
Lekker Capital Founder and CEO Quinn Thompson recently posted on social media platform X, expressing his optimistic outlook on the cryptocurrency market, particularly BTC and ETH. Thompson believes that Bitcoin (BTC) and Ethereum (ETH) are currently one of the most attractive buying opportunities in recent years.
Title: We are currently experiencing one of the most obvious and attractive buying opportunities for cryptocurrencies in recent memory.
Subtitle: While the market has completely reset, positive catalysts such as elections, liquidity, and cryptocurrency momentum cycles remain intact.
Body: In my 5 years at the helm… – Quinn Thompson (@qthomp) June 26, 2024
He predicts that Bitcoin will surge to $100,000 and Ethereum will rise to $7,000, achieving these milestones by the November elections.
Elections, Liquidity, and ETFs
Thompson’s optimism stems from several factors, as he believes the market is not yet fully priced in. These include the upcoming U.S. presidential elections, increased liquidity from the Federal Reserve, and the launch of an Ethereum ETF. Additionally, Thompson points out that the Circle IPO and improved profitability of Bitcoin miners are further catalysts for growth.
The CEO’s confidence in the market’s potential for a significant rally is also supported by various indicators. The CME bases for Bitcoin and Ethereum, as well as the open interest percentage for altcoins, are at cyclical lows. The supply of stablecoins has started to grow again, indicating renewed interest and potential price appreciation.
According to the statement, any potential impact from Mt. Gox or oversupply from the U.S. and German governments on Bitcoin and Ethereum prices has already been factored into the market. Therefore, Thompson states that these previously known pieces of information will not have a significant effect on the prices of Bitcoin and Ethereum.
From Bear to Bull
Thompson believes that the current sentiment is overly pessimistic, and a “slow then sudden” dynamic may occur as investors regain confidence and re-enter the market. The CEO points out that there have also been negative comments about a potential Ethereum ETF, echoing the sentiment prior to the launch of a Bitcoin ETF. This viewpoint suggests that the current pessimism may be exaggerated, and the market could quickly undergo a positive transformation.
Thompson’s prediction aligns with those of other prominent figures in the cryptocurrency space. Galaxy Digital CEO Michael Novogratz has previously stated that he believes Bitcoin could reach $100,000 this year. Similarly, Robert Kiyosaki, author of “Rich Dad Poor Dad,” predicts a similar price target for Bitcoin by mid-year.