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 recent post on the social media platform X, Quinn Thompson, Founder and CEO at Lekker Capital, expressed his bullish outlook on the crypto market, particularly BTC and ETH. Thompson believes that Bitcoin (BTC) and Ethereum (ETH) are currently presenting one of the most attractive buying opportunities in recent memory.
Title: We are amidst one of the most obvious and attractive crypto buying opportunities of recent memory.
Subtitle: While the market has completely reset, the structurally positive election, liquidity and crypto momentum cycles remain intact.
Body: In all of my 5 years in…
— Quinn Thompson (@qthomp) June 26, 2024
He predicts that Bitcoin will surge to $100,000 while Ethereum will climb to $7,000, both achieving these milestones by the November election.
Election, Liquidity, and ETFs
Thompson’s optimism stems from several factors that he believes the market has yet to price in fully. These include the upcoming U.S. presidential election, increased liquidity from the Federal Reserve, and the launch of the Ethereum ETF. Additionally, Thompson points to the Circle IPO and improved Bitcoin miner profitability as further catalysts for growth.
The CEO’s confidence in the market’s potential for a significant rally is also supported by various metrics. The CME basis for Bitcoin and Ethereum and the percentage of open interest in altcoins are all at cycle lows. Stablecoin supply has begun to grow again, indicating renewed interest and potential for upward price movement.
According to the statement, any potential impact on Bitcoin and Ethereum prices resulting from the Mt. Gox or US and German government supply overhangs has already been factored into the market. Therefore, Thompson suggested that such previously known information would not significantly influence the cause of major declines in the prices of BTC and ETH.
From Bearish to Bullish
Thompson argues that current sentiment are overly bearish, and a “slowly then suddenly” dynamic is likely to play out as investors regain confidence and reenter the market. The CEO points out that similar negative narratives are currently being expressed about the potential Ethereum ETFs, echoing the sentiments before the Bitcoin ETFs launch. This perspective suggests that the current pessimism may be overstated and that the market could soon see a positive shift.
Thompson’s predictions align with those of other prominent figures in the crypto space. Galaxy Digital CEO Michael Novogratz has previously stated that he believes Bitcoin could reach $100,000 this year. Similarly, “Rich Dad Poor Dad” author Robert Kiyosaki has forecasted a similar price target for Bitcoin by the middle of the year.
