It’s not just a demand and supply story that will propel Bitcoin’s (BTC) price to $100,000. In extension to this popular theory, William Quigley, the co-founder of Magnetic, shared another reason why markets can expect a higher BTC price range.
In a recent interview with CNN Business, Quigley stated that markets are in a post-BTC halving bull run, which will be a primary reason he thinks the asset could surge to over $100,000 by 2022.
Based on what happened historically and whenever it occurs for the next 12 to 18 months, Bitcoin can go up between 300% and 500%.
Going by Quigley’s expertise, the asset did surge in the previous halvings. At the time, Bitcoin was trading close to $660, and nearly 17 months later, in December 2017, the price of Bitcoin rallied to an ATH of $20,000.
Given that the last BTC halving took place in May last year, a surge can be expected by 2022, considering if Quigley’s theory holds.
Interestingly enough, the $100,000 mark is what many Bitcoin bulls expect the asset to breach. As Quigley mentions in the interview, Bitcoin’s finite supply, coupled with growing institutional demand, could support this predicted rally.
The same view is held by influencers like Morgan Creek Digital’s Anthony Pompliano, Former White House Director of Communications, Anthony Scaramucci, and Real Vision Group’s Raoul Pal.
They all predict that Bitcoin will someday (and maybe soon) trade at $100,000 – due to its demand and limited supply.
Craig Wright’s sister, Lisa Edwards, recently projected that Bitcoin could reach $142,000 in a few years. A supposition similar to JPMorgan‘s estimations of BTC could be worth $146,000 in the long term.
Nevertheless, others in the sector think before the asset dramatically rises, it will face significant corrections along the way.
To receive the latest Cryptocurrency, Blockchain, and Crypto-mining news, please join our Telegram Channel