Bitcoin could hit $300,000 at the peak of its next bull run, Tether's cofounder, William Quigley, has said

Bitcoin could hit $300,000 at the peak of its next bull run, Tether's cofounder, William Quigley, has said .


Bitcoin is currently trading at approximately $66,522, marking a more than 50% increase since the beginning of the year. Apart from the excitement surrounding spot ETFs that debuted this year, the upcoming halving event, which has historically been a driver of further price increases, is also bolstering the current bullish trend.

William Quigley of Tether noted that based on historical trends, Bitcoin could potentially surge another 350% from its current level. However, he clarified in a CNBC interview that he was not making a prediction but rather highlighting a potential scenario.

This positive momentum in Bitcoin is also benefiting other cryptocurrencies. Quigley explained that all tokens are closely linked to Bitcoin, meaning that assets like Ethereum and Solana are likely to experience a significant uptick if Bitcoin continues its rally.

Ether, in particular, had been outpacing Bitcoin in terms of performance earlier this year, fueled by speculation surrounding the approval of a spot Ether ETF following the green light for nearly a dozen Bitcoin funds. However, its gains have now aligned more closely with Bitcoin's.

Quigley emphasized that Bitcoin's demand is largely sentiment-driven, unlike traditional assets that are influenced by factors such as company performance or earnings ratios. He suggested that sentiment could continue to propel Bitcoin's price higher.

While the halving event typically benefits Bitcoin by reducing the number of new tokens miners receive, thus slowing the rate of new Bitcoin entering the market, analysts at JPMorgan have cautioned that the price could experience a 33% correction following the halving.