Quinn Thompson: “I know what Bitcoin and Ethereum will cost in November”

By November, the Bitcoin rate will reach $100,000, and the Ethereum rate will reach $7,000, the businessman believes. The founder of Lekker Capital believes that catalysts for the growth of the crypto market will be the presidential elections, increased liquidity from the US Federal Reserve (Fed) and the launch of spot exchange-traded funds (ETFs) on ether. Thompson also mentioned the initial public offering (IPO) that USDC stablecoin company Circle is planning. Another reason for the growth of Bitcoin may be the increase in mining profitability.

According to the founder of Lekker Capital, any pressure on cryptocurrencies that the sale of bitcoins received by affected clients of the bankrupt crypto exchange MtGox may have, has already been taken into account by the market. The same applies to the movement of bitcoins confiscated by German authorities. Therefore, already known information will not have a significant impact on the rate of BTC and ETH. Market sentiment is currently “extremely bearish,” but the dynamics will gradually change as investors gain confidence and return to the market, Thompson believes. Galaxy Digital founder Mike Novogratz agrees with Thompson. Novogratz recently made a similar forecast, according to which Bitcoin will reach $100,000 by the end of 2024.