By
Bena Ilyas
April 18th, 2024
Despite Bitcoin’s poor start, Harry Yeh remains positive about the people’s crypto ability to record a positive trend and predicts a $400K price target for BTC.
Renowned fintech executive, Harry Yeh, has proposed a potential supercycle in crypto trends, citing recent stablecoins activity as his reason. Reporting to Bloomberg Markets, the Quantum Fintech Group founder and managing partner said that the crypto market, including Bitcoin, though young, was still susceptible to influence by positive stablecoin waves even when the market is volatile.
According to Yeh, the current market is nothing like we have seen before, where stablecoins play a huge role in the industry. Acknowledging the role of stablecoins as a force for mainstream adoption, Yeh explained that stablecoins are an enabler for crypto-base payments and solve the “inefficiency” concerns for both BTC and ETH.
The Quantum Fintech Group executive believes that what we have now is somewhat similar to 2017’s market rally, with the only difference being that stablecoin are also at play now.
“Back then there was no stablecoins, unlike now where they have dominated the crypto space” implied Yeh as he described the current situation as a “supercycle mainstream adoption” of budding stablecoins.
Quantum Founder Expects Bitcoin to Hit $400k
Harry Yeh has obviously been very keen on market trends since the year began. Despite Bitcoin’s poor start, he remains positive about the people’s crypto ability to record a positive trend as the year unfolds forecasting a $400K price target for BTC.
Yeh bases his prediction on the activities of the Federal Reserve, making an assumption that the regulator was not going to introduce any interests in the near future.
Per Yeh, the most reasonable move expected from the Federal Reserve was a continuance in printing money which inadvertently makes BTC a hedge against the rising inflation.
This is all in alignment with analysts who believe that Bitcoin will benefit from a weakening dollar because of its role as a worthy alternative.
You’ll recall that crypto enthusiasts and analysts alike have predicted that the price of the flagship digital asset was going to cross the $100k mark this year.
Bitcoin’s Poor Start to 2022
While many in the crypto industry envisaged that Bitcoin was going to start the year on a green patch, the digital asset has performed poorly by its standards since the year began.
Available data on Coingecko shows that the crypto king has lost over 3% of its value since the beginning of the year. The asset has also lost over 10% of its value within the last 30 days.
As of press time, Bitcoin is trading for just above $42,000 after it gained 1.2% within the last 24 hours.