Lekker Capital CEO Explains Why Bitcoin Could Hit $100,000 and Ethereum $7,000 by November Elections

Quinn Thompson, CEO of Lekker Capital, predicts Bitcoin will hit $100,000 and Ethereum $7,000 by November, citing upcoming catalysts like ETFs and elections.

In a recent post on social media platform X, Quinn Thompson, founder and CEO of Lekker Capital, expressed his bullish outlook on the crypto market, particularly BTC and ETH. Thompson believes that Bitcoin (BTC) and Ethereum (ETH) currently present one of the most attractive buying opportunities in recent memory.

He predicts that Bitcoin will hit $100,000 while Ethereum will climb to $7,000, both reaching those milestones by the November elections.

Election, Liquidity and ETFs

Thompson’s optimism stems from several factors that he says the market has yet to fully factor in. These include the upcoming arrival US presidential election, increased liquidity from the Federal Reserve, and the launch of the Ethereum ETF. Additionally, Thompson points to Circle’s IPO and improving profitability of Bitcoin miners as other growth catalysts.

The CEO’s confidence in the potential for a significant market recovery is also supported by various indicators. The CME basis for Bitcoin and Ethereum and the open interest percentage for altcoins are all at cycle lows. The supply of stablecoins has started to increase again, indicating renewed interest and the potential for upward price movement.

According to the release, any potential impact on Bitcoin and Ethereum prices resulting from Mt. Gox or excess supply from the US and German governments has already been priced into the market. Therefore, Thompson suggested that this previously known information would not significantly influence the cause of the significant price decline of BTC and ETH.

From bearish to bullish

Thompson says that current sentiment is too bearish and that a “slow and then sudden” dynamic is likely to occur as investors regain confidence and re-enter the market. The CEO points out that similar negative narratives are currently being expressed about potential Ethereum ETFs, echoing sentiments prior to the launch of Bitcoin ETFs. This perspective suggests that the current pessimism may be overblown and that the market could soon see a positive turn.

Thompson’s predictions align with those of other prominent figures in the crypto world. Michael Novogratz, CEO of Galaxy Digital, has already declared that he thinks Bitcoin could hit $100,000 this year. Similarly, “Rich Dad Poor Dad” author Robert Kiyosaki has foreseen a similar price target for Bitcoin by mid-year.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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