Macro guru Hugh Hendry believes there’s a solid chance that Bitcoin (BTC) will ignite a nearly 240% surge but notes that he’s also prepared in case the crypto king corrects.
In a new interview with independent journalist David Lin, Hendry says that while he’s not an expert in the intricacies of Bitcoin and crypto, he can still see his capital invested in BTC “easily” appreciating by 3X.
According to the macro guru, his rosy outlook on BTC is based on Bitcoin’s bull market structure, the size of its market capitalization as well as the potential buyers of the crypto king.
However, he highlights that it is also within the realm of possibility for Bitcoin to crash to levels last seen in October of 2023.
“When I look at Bitcoin, that $1 trillion [market cap] could easily be $3 [trillion].
So I think Bitcoin could half or triple, quadruple. It could trade at least at $200,000.”
Hendry says that if Bitcoin witnesses a market meltdown, he’s ready to scoop up heavily discounted coins, believing that it will eventually hit his massive price target.
“If Bitcoin were to half, then I would buy… So I’d actually bring my cash reserves, and I would buy Bitcoin at $30,000 and like I say, I think there’s reasonable odds that you can see it trading at $200,000.”
At time of writing, Bitcoin is trading for $59,301, up over 3% in the last 24 hours.
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