Despite the current bearish sentiment, the crypto market could experience a sharp rise by the November American elections. This is what Quinn Thompson, an expert from Lekker Capital, claims, who predicts Bitcoin at $100,000 and Ethereum at $7,000.
An Imminent Market Reversal?
Quinn Thompson from Lekker Capital displays overflowing optimism for the crypto market. Contrary to the prevailing pessimism, he anticipates a sharp growth of Bitcoin and Ethereum in the coming months.
Furthermore, Thompson highlights the striking contrast between the current negative sentiment and the euphoria that reigned in the spring. He warns against blindly following the bearish trend, reminding us of Bitcoin’s unexpected drop after the launch of its ETF. According to him, this shift in opinion creates a fertile ground for a spectacular turnaround.
The expert bases his predictions on several key factors. The American elections and potential interest rate cuts are major macroeconomic catalysts. On the sectoral level, he cites the imminent launch of the Ethereum ETFs, Circle’s IPO, and the improved profitability of Bitcoin miners.
Promising Technical Indicators
Technical analysis supports Thompson’s vision. He notes that open interest in Bitcoin, Ethereum, and altcoins is at the lowest point of the cycle, while the supply of stablecoins is increasing. This setup indicates significant upside potential.
Thompson also emphasizes that many indicators are at their lowest, suggesting that the bearish cycle is coming to an end. This convergence of technical and fundamental elements reinforces his conviction of an imminent and vigorous market recovery.
In summary, Quinn Thompson delivers bold predictions: he anticipates Ethereum reaching $7,000 and Bitcoin nearing $100,000 by November. While these targets may seem ambitious, they reflect the expert’s conviction in the explosive potential of the crypto market as the American elections approach.
Maximize your Cointribune experience with our ‘Read to Earn’ program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.
