Renowned macro investor Hugh Hendry is optimistic about the potential for Bitcoin (BTC) to surge by nearly 240%, while also remaining cautious about the possibility of a correction in the crypto market.
During a recent interview with journalist David Lin, Hendry expressed confidence in his investment in BTC, suggesting that it could appreciate by three times its current value.
He attributed his positive outlook to Bitcoin’s market structure, market capitalization, and the growing interest from potential buyers.
Despite his bullish stance, Hendry acknowledged the risk of a significant downturn, possibly back to levels seen in October 2023.
“I believe Bitcoin’s market cap of $1 trillion could easily reach $3 trillion. Bitcoin could see a 50% drop or triple, quadruple in value. It could potentially reach $200,000.”
Hendry also mentioned his readiness to capitalize on a market crash by purchasing discounted Bitcoin, confident that it could eventually reach his ambitious price target.
“If Bitcoin were to halve in value, I would buy more at $30,000. I believe there’s a good chance it could reach $200,000.”
As of the latest update, Bitcoin is trading at $59,301, showing a 3% increase in the past 24 hours.
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Image Source: Midjourney
