Tether co-founder believes Bitcoin could hit $300K based on historic patterns

Tether co-founder William Quigley said Bitcoin could perchance surge to $300,000 astatine the highest of the existent bull market, based connected humanities patterns of past halvings.

He shared the penetration during an interview with CNBC, wherever helium discussed the marketplace conditions influencing Bitcoin arsenic the halving approaches. Quigley clarified that his investigation is not a prediction but a anticipation if humanities patterns clasp true.

He said:

“If you applied the humanities patterns, it would suggest Bitcoin being successful excess of $300,000 astatine the highest of this adjacent bull market.”

The adjacent Bitcoin halving is expected astir April 18 and is acceptable to chopped the Bitcoin mining reward by fractional to 3.125 BTC from 6.25 BTC. This volition efficaciously trim the regular proviso to 450 BTC from 900 BTC.

Stronger fundamentals

Quigley argued that Bitcoin stands connected stronger cardinal grounds present than earlier the past halving successful May 2020. He said the advent of spot Bitcoin exchange-traded funds (ETFs) and a surge successful derivative measurement people important milestones that differentiate the existent scenery from the past.

He added that the ETFs person seen singular involvement and precocious “hit a record” arsenic their assets nether absorption crossed the $50 cardinal mark. The 10 ETFs collectively clasp astir 740,000 BTC arsenic of March 6.

The ETFs beardown show has propelled Bitcoin adjacent to its all-time precocious terms levels weeks earlier the halving — thing that has ne'er happened before.

Quigley said the ETFs person caused a pivotal displacement successful the premix of organization and retail involvement successful Bitcoin. Unlike the pre-2020 era, which saw a predominantly retail-driven market, there’s present a pronounced influx of organization wealth tracking Bitcoin.

Sentiment driven

Quigley attributed the shifting sentiment to the flagship integer asset’s trademark volatility and its unsocial presumption arsenic a sentiment-driven, globally traded plus without accepted fiscal metrics similar institution net oregon price-to-earnings ratios.

He said:

“Bitcoin is possibly the lone globally traded plus whose request is purely based connected sentiment.”

According to Quigley, sentiment-driven investments person unlimited potential and could substance an unprecedented rally, perchance making it the largest seen to date.

With the upcoming halving, Quigley expects Bitcoin to proceed its humanities inclination of important gains post-event. He besides suggested that different integer assets, similar Ethereum and Solana, would apt emergence alongside Bitcoin, perchance achieving higher gains owed to their little marketplace caps.

The station Tether co-founder believes Bitcoin could deed $300K based connected historical patterns appeared archetypal connected CryptoSlate.