According to Tether (USDT) co-founder William Quigley, the past Bitcoin Historical models surrounding halvings suggest that BTC could rise to the $300,000 level by the top of this ongoing bull market.
In a new interview with CNBC, Quigley clarified that he wasn’t making a $300,000 BTC prediction, just pointing out that such a goal was possible based on historical models. Bitcoin’s upcoming halving is currently scheduled for April 18.
Citing Bitcoin’s ballooning derivatives volume and newly approved spot BTC exchange-traded funds (ETFs), the Tether co-founder says the top crypto asset is now in a stronger fundamental position than before its last halving in May 2020.
Quigley also notes that Bitcoin typically rises rapidly after its halving.
“Bitcoin is perhaps the only globally traded asset whose demand is based entirely on sentiment. There is no Bitcoin company, there are no Bitcoin price-to-earnings ratios.
It’s just a sentiment-based token, and what you can say about it is, of course, that sentiment has no limits. “You can always be more optimistic and that’s why this rally could be the biggest rally we’ve ever seen.”
Bitcoin is trading at $66,241 at the time of writing. The top-ranked crypto asset by market cap is up nearly 4% in the last 24 hours.
