Despite the current bearish sentiment, the crypto market could see a meteoric rise by the time the US elections come November, according to Quinn Thompson, an expert at Lekker Capital, who predicts Bitcoin at $100,000 and Ethereum at $7,000.
An imminent market reversal?
Quinn Thompson of Lekker Capital is extremely optimistic about the crypto market. Contrary to the prevailing pessimism, he anticipates meteoric growth in Bitcoin and Ethereum in the months to come.
Furthermore, Thompson underlines the stark contrast between the current negative sentiment and the euphoria that reigned in the spring. He warns against the danger of blindly following the bearish trend, recalling the unexpected fall of Bitcoin after the launch of its ETF. According to him, this turnaround in opinion creates a fertile ground for a spectacular reversal of fortunes.
The expert bases his predictions on several key factors. The US elections and potential interest rate cuts are major macroeconomic catalysts. On a sector level, he cites the imminent launch of Ethereum ETFs, the IPO of Circle, and the improvement in profitability of Bitcoin miners.
Promising technical indicators
Technical analysis supports Thompson’s view. He notes that open interest in Bitcoin, Ethereum, and altcoins is at cycle lows, while stablecoin supply is increasing. This pattern suggests significant upside potential.
Thompson also points out that many indicators are at their lowest, suggesting that the bear cycle is coming to an end. This convergence of technical and fundamental elements reinforces his conviction of an imminent and vigorous market recovery.
In short, Quinn Thompson delivers bold predictions: he anticipates Ethereum at $7,000 and Bitcoin approaching $100,000 by November. While these goals may seem ambitious, they reflect the expert's conviction about the explosive potential of the crypto market as the US elections approach.
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