Macro guru Hugh Hendry believes there’s a good chance Bitcoin (BTC) will spark a nearly 240% surge, but notes he’s also prepared in case the crypto king corrects.
In a new interview with independent journalist David Lin, Hendry says that while he is not an expert in the intricacies of Bitcoin and crypto, he can still “easily” triple the value of his capital invested in BTC.
According to the macro guru, his rosy view on BTC is based on Bitcoin’s bull market structure, the size of its market cap, and the crypto king’s potential buyers.
However, he emphasizes that it is also within the realm of possibility that Bitcoin crashes to levels last seen in October 2023.
“When I look at Bitcoin, that $1 trillion [market cap] Could easily be $3 [trillion].
So I think Bitcoin can halve, triple, quadruple. It could cost at least $200,000.”
Hendry says that if Bitcoin witnesses a market collapse, he is ready to pick up heavily discounted coins, believing this will eventually reach his massive price target.
“If Bitcoin were to halve, then I would buy… So I would basically take my cash reserves, and I would buy Bitcoin for $30,000 and, like I said, I think there’s a fair chance that you could see it trading for $200,000. ‘
At the time of writing, Bitcoin is trading at $59,301, up over 3% in the past 24 hours.
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Generated image: Midjourney