Historical patterns surrounding past Bitcoin halvings suggest BTC could surge to $300,000 by the peak of this ongoing bull market, according to Tether (USDT) co-founder William Quigley.
In a new interview with CNBC, Quigley clarifies that he’s not making a $300,000 BTC prediction, just pointing out that such a target is possible based on historical patterns. Bitcoin’s upcoming halving is currently slated for April 18th.
The Tether co-founder says the top crypto asset is currently in a stronger fundamental position than it was before its last halving in May 2020, citing Bitcoin’s ballooned derivative volume and the newly approved spot BTC exchange-traded funds (ETFs).
Quigley also notes that Bitcoin usually skyrockets after its halving.
“Bitcoin is maybe the only globally traded asset that I know of whose demand is purely based on sentiment. There’s not a Bitcoin company, there aren’t Bitcoin price-earning ratios.
It’s just a sentiment-driven token and what you can say about that of course is that sentiment has no limits. You can always be more optimistic, and so this rally may be the biggest we’ve seen.”
Bitcoin is trading at $66,241 at time of writing. The top-ranked crypto asset by market cap is up nearly 4% in the past 24 hours.
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