Fund Manager Predicts Bitcoin at $400K, Solana at $420, Ethereum Dump

Veteran trader Joe McCann of Asymmetric predicts a massive surge in Bitcoin's price, driven by institutional investment and ETF inflows, potentially reaching $400,000. He sees the four-year crypto cycle as obsolete, replaced by a market dominated by headline-driven events and spot ETF demand. McCann highlights the growing adoption of Bitcoin by sovereign wealth funds and corporations, comparing it to the historical hoarding of gold. He believes a decisive break above $100,000 could rapidly propel Bitcoin to $400,000, fueled by ETF demand and potential government initiatives such as the proposed US Bitcoin reserve. McCann is bullish on Solana, citing its robust performance during a recent meme-coin launch and the increasing use of wallet abstractions. He projects Solana to reach at least $420, driven by fundamentals and ETF inflows. In stark contrast, McCann holds a bearish outlook on Ethereum, deeming it “not worth owning.” He views Ethereum's technology as outdated and argues that its L2s are cannibalizing it. He criticizes Ethereum's low gas fees as insufficient to reward holders and its lack of appeal to institutional investors. McCann anticipates a future where cryptocurrencies will need to generate real protocol revenue to survive, unlike the previous “alt-season” where indiscriminate price increases were common. He predicts that dividend-style crypto ETFs will target yield-hungry investors, while projects without substantial revenue will likely fail. Currently, Bitcoin is trading at $104,528.

(Source: https://www.newsbtc.com/news/bitcoin-400000-solana-420-dump-ethereum/)