Bitcoin To $100K, Ethereum To $7K By The November Election, Says Crypto VC

Quinn Thompson of Lekker Capital sees cryptocurrency markets trading significantly higher by the U.S. presidential election in November.

What Happened: Thompson expressed that despite the current bearish sentiment among investors, he believes that the market is presenting one of the most attractive buying opportunities in recent memory.

He added that it has become "cool" to be bearish on crypto, a stark contrast to the bullish sentiment that prevailed in March and April. He highlighted the negative narrative surrounding the Ethereum ETH/USD ETF, despite many positive market developments pointing to its potential outperformance.

Thompson reiterated how confidently people said that the Bitcoin BTC/USD ETF launch couldn't be a sell-the-news event, but the crypto king dropped from $49,000 to $38,000 in twelve days.

He sees the recent selloff leading to a hardened sentiment in one direction, and when this happens, reversions typically occur "slowly then suddenly". He believes that the market will begin pricing in the next catalysts and expected outcomes over the coming weeks and months.

Also Read: Bitcoin’s Post-Halving Dip May Be Almost Over—Exponential Gains Could Be Next, Says Trader

Why It Matters: Thompson supports his argument highlighting macro factors like the November election and potential interest rate cuts liquidity. He also pointed to the Ethereum ETFs, Circle IPO and improved BTC miner profitability.

He highlighted that the Bitcoin and Ethereum, along with altcoin open interest as a percentage of the total, are all at cycle lows, but stablecoin supply is growing. While he remains curious about which external events could cause prices to decline, multiple metrics at cycle lows and expectations of a significant drop imply that the current cycle could be "over."   

What’s Next: Thompson concluded that he expects Ethereum to reach $7,000 and Bitcoin to make its first attempt at $100,000 by the election in November.

The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Top Trader Is Long Bitcoin, Ethereum, Short Litecoin, Cardano…And Thinks Shiba Inu’s Time Has Passed

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.