'Sentiment has no limits': Bitcoin could hit $300,000 at the peak of its next bull run, Tether cofounder says
NurPhoto/Getty Images
- Bitcoin could hit $300,000 at the peak of its next bull run, Tether's cofounder said.
- That's a bullish impetus for tokens across the crypto sector because they're correlated to bitcoin.
- "There's not a bitcoin company, there's not a bitcoin price-to-earnings ratio, it's just a sentiment driven token."
This might be the biggest rally bitcoin has seen, and there is room for the token to surge much higher, according to the cofounder of stablecoin Tether.
Bitcoin is trading at around $66,522, up more than 50% so far this year. Beyond the hype around spot ETFs that began trading this year, the upcoming halving event, which is typically a catalyst for more gains, is also supporting the bull run.
According to Tether's William Quigley, if history is any guide, the token could thunder another 350% higher from where it stands.
"I'm not predicting this, I'm just saying if you apply historical patterns, it would suggest bitcoin being in excess of $300,000 at the peak of this next bull market," he said in a CNBC interview.
That's a bullish impetus for tokens across the crypto sector as a whole. All tokens are correlated to bitcoin, Quigley explained, which means assets like ethereum and solana will also receive a fresh boost from any prolonged rally.
Indeed, ether was outperforming bitcoin for a steady stretch this year, inflated by hype around the potential for a spot ether ETF following the approval on the nearly dozen bitcoin funds. Its gains are now roughly on par with bitcoin.
"Bitcoin is maybe the only globally traded asset that I know of whose demand is purely based on sentiment," Quigley said. "There's not a bitcoin company, there's not a bitcoin price-to-earnings ratio, it's just a sentiment-driven token. And what you can say about that is sentiment has no limits."
While the halving event is considered a tailwind for bitcoin because it rewards miners with fewer tokens – thereby shrinking the rate at which new bitcoin is entering the market – analysts at JPMorgan have said the price could undergo a 33% correction post-halving.