Bitcoin could reach $300,000 at the peak of the next bull run, according to William Quigley, co-founder of stablecoin Tether. This prediction is based on historical patterns and current market sentiment, which Quigley believes has no limits.
Quigley explained that Bitcoin is perhaps the only globally traded asset whose demand is based entirely on sentiment. “There is no Bitcoin company, there is no Bitcoin price-to-earnings ratio, it is just a sentiment-based token,” he said in a recent interview with CNBC. According to Quigley, this sentiment-driven structure of Bitcoin could potentially push its price to unprecedented heights.
The potential increase in Bitcoin's price is important not only for Bitcoin holders, but also for the entire crypto industry. Quigley noted that all tokens are correlated with Bitcoin, meaning a prolonged rise in Bitcoin's price could also boost other cryptocurrencies like Ethereum and Solana.
Currently, Bitcoin is trading around $66,522 and is up more than 50% so far this year. This impressive performance is due in part to spot ETFs starting trading this year and the upcoming halving event, which is typically a catalyst for further gains.
While Quigley doesn't make a definitive price prediction, he does suggest that Bitcoin could rise 350% from its current price if history is any guide. “If you just apply historical patterns, I would say Bitcoin will surpass $300,000 at the peak of this next bull market,” he said.
According to Quigley, this could be the biggest rally Bitcoin has ever seen, and there is room for the coin to go much higher.
*This is not investment advice.
