Quigley shared this insight in an interview with CNBC, discussing the market conditions affecting Bitcoin, especially as the halving approaches. Quigley clarified that his analysis is not a prediction, but rather a possibility based on historical patterns and current market conditions.

He said: “Historical patterns may indicate that Bitcoin will exceed $300,000 at the next bull market peak.”

Bitcoin’s next halving is expected to occur around April 18 and will cut the Bitcoin mining reward in half from 6.25 BTC to 3.125 BTC. This will effectively reduce the daily supply from 900 BTC to 450 BTC.

Stronger fundamentals

Quigley believes that Bitcoin now stands on more solid fundamentals than the last halving in May 2020. He said that the emergence of spot Bitcoin exchange-traded funds (ETFs) and the surge in derivatives trading volume mark important milestones that make the current market situation different from the past.

He added that the ETF has performed strongly recently and "set records" with assets under management crossing the $50 billion mark. As of March 6, these 10 ETFs held a total of approximately 740,000 BTC.

The ETF’s strong performance has pushed Bitcoin closer to all-time high price levels, something it has never seen before.

Quigley said ETFs have led to a significant shift in institutional and retail investor interest in Bitcoin. Unlike in the past when the market was dominated by retail investors, there is now a clear influx of institutional money tracking Bitcoin.

Emotion drives value

Quigley attributes this shift in sentiment to the volatile nature of the flagship digital asset and its unique position as a globally traded asset based on sentiment, without traditional financial metrics like company earnings or price-to-earnings ratios.

“Bitcoin may be the only globally traded asset based on sentiment,” he said.

According to Quigley, sentiment-driven investing has unlimited potential and could spark an unprecedented rally that could become the biggest to date.

With the upcoming halving, Quigley expects Bitcoin to continue its historical trend of significant gains, making significant gains following the halving event. He also mentioned that other digital assets, such as Ethereum and Solana, may rise alongside Bitcoin and may earn higher gains due to their lower market caps. #Tether #比特币