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Lekker Capital CEO Explains Why Bitcoin Could Reach $100,000 and Ethereum $7,000 by November Elections

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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 current publish on the social media platform X, Quinn Thompson, Founder and CEO at Lekker Capital, expressed his bullish outlook on the crypto market, significantly BTC and ETH. Thompson believes that Bitcoin (BTC) and Ethereum (ETH) are at present presenting one of the crucial enticing shopping for alternatives in current reminiscence.

Title: We’re amidst one of the crucial apparent and enticing crypto shopping for alternatives of current reminiscence.

Subtitle: Whereas the market has fully reset, the structurally optimistic election, liquidity and crypto momentum cycles stay intact.

Physique: In all of my 5 years in…

— Quinn Thompson (@qthomp) June 26, 2024

He predicts that Bitcoin will surge to $100,000 whereas Ethereum will climb to $7,000, each attaining these milestones by the November election.

Election, Liquidity, and ETFs

Thompson’s optimism stems from a number of components that he believes the market has but to cost in totally. These embrace the upcoming U.S. presidential election, elevated liquidity from the Federal Reserve, and the launch of the Ethereum ETF. Moreover, Thompson factors to the Circle IPO and improved Bitcoin miner profitability as additional catalysts for progress.

The CEO’s confidence available in the market’s potential for a major rally can also be supported by numerous metrics. The CME foundation for Bitcoin and Ethereum and the proportion of open curiosity in altcoins are all at cycle lows. Stablecoin provide has begun to develop once more, indicating renewed curiosity and potential for upward worth motion.

Based on the assertion, any potential influence on Bitcoin and Ethereum costs ensuing from the Mt. Gox or US and German authorities provide overhangs has already been factored into the market. Due to this fact, Thompson urged that such beforehand identified info wouldn’t considerably affect the reason for main declines within the costs of BTC and ETH.

From Bearish to Bullish

Thompson argues that present sentiment are overly bearish, and a “slowly then immediately” dynamic is prone to play out as buyers regain confidence and reenter the market. The CEO factors out that related damaging narratives are at present being expressed in regards to the potential Ethereum ETFs, echoing the emotions earlier than the Bitcoin ETFs launch. This angle means that the present pessimism could also be overstated and that the market may quickly see a optimistic shift.

Thompson’s predictions align with these of different distinguished figures within the crypto area. Galaxy Digital CEO Michael Novogratz has beforehand acknowledged that he believes Bitcoin may attain $100,000 this yr. Equally, “Wealthy Dad Poor Dad” writer Robert Kiyosaki has forecasted the same worth goal for Bitcoin by the center of the yr.

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