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Crypto Supercycle Could Bring Bitcoin to $400k �������������������������������������������������������������������������������������������������������������
Crypto Weekly
Justinas Baltrusaitis
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According to Harry Yeh, founder, and managing partner of Quantum Fintech Group, the current cryptocurrency trends indicate the market is entering a supercycle. This is in part due to stable coin activity. During a recent interview with Bloomberg Markets, Yeh acknowledged that the cryptocurrency market is still in its infancy but still experiencing a unique stable coin bull cycle despite the current volatility.
Yeh believes that the current bull market differs from the previous one due to the increasing role of stablecoins that he noted are leading mainstream adoption. Yeh stated that stablecoins play a crucial role in crypto payments, suggesting that they address 'inefficiency' shortcomings by assets like Bitcoin and Ethereum. "Cryptocurrencies are in a teething stage. However, we are starting to see something very similar to the 2017 bull market. We are definitely in the middle of a bull market, but this one gets a little bit more unique than the last bull market. There weren't any stablecoins, but there are a lot of stablecoins in this current bull market. This could be the supercycle mainstream adoption of cryptocurrencies because stablecoins are starting to happen," said Yeh.
In 12 months, Bitcoin is expected to be worth $400,000
Despite Bitcoin beginning the year on a losing streak, Yeh expressed bullishness for the asset in the next 12 months, projecting a price target of $400,000. He noted that the projection is guided
Harry Yeh
by the Federal Reserve activity, where he ruled out any near-term interest rate hikes.
According to the managing partner, the Fed will likely continue money printing, and Bitcoin stands out as a hedge.
Finbold reported earlier that Yeh believed the dollar's weakening would likely propel Bitcoin's growth because it is a crucial alternative. He maintained that investors should not be concerned about any possible market crash at this point.
Finbold
