Dan Tapiero, a prominent investor in the global market, expressed his positive viewpoint towards Bitcoin (BTC) recently. He believes that it’s possible for the primary cryptocurrency to surpass the $200,000 threshold.
Tapiero, renowned for his investment wisdom and co-founder of Gold Bullion International and 10T Holdings, shared his optimistic viewpoint on X.
Catalyst That Could Drive Bitcoin To $200,000
Based on Tapiero’s analysis, a major economic factor could push Bitcoin’s value upward, providing investors with the potential for considerable profits. Tapiero is optimistic about Bitcoin’s price trend due to an intriguing relationship he noticed between certain market conditions.
The expert specifically expressed worries over the “devaluation of money” due to a substantial 60% rise in the Treasury market during the last five years.
Based on this factor, Tapiero expects Bitcoin’s price to go beyond $200,000, even surpassing gold’s potential growth in such a situation. However, it is important to note that Tapiero holds a strong optimistic view towards Bitcoin’s future performance compared to gold.
Most remarkable macro correlation break I’ve seen in some time.
Suggests extreme concern about monetary debasement driven by 60% Treasury mkt increase past 5yrs.
Theme not yet widely subscribed.
Bullish #GOLD and more so when rates drop.
Vaults #Bitcoin to 200k+
— Dan Tapiero (@DTAPCAP) April 8, 2024
Bitcoin’s Recent Performance And Analyst Insights
Over the past day, Bitcoin has shown strong buying interest, pushing its price back up above $71,000. It has gained 2.6% over the last week and an additional 3.1% in just the previous 24 hours. This persistent rise in Bitcoin’s value is generating significant interest from investors and market observers.
Significantly, the asset’s current price action aligns with a major occurrence: over 600 Bitcoin call options with a strike price of $100,000 have been traded in a large transaction. This substantial event, as reported by Greek Live, holds a potential value of up to $45 million, with $8.5 million attributed solely to premiums.
The Greeks Live report revealed that this incident has triggered a sustained bullish trend in the market. Furthermore, with the upcoming halving event, the possibility of hitting fresh record highs, such as reaching $100,000, seems attainable.
Bitcoin shockingly surpassed the $70,000 mark unexpectedly, nearing a new peak price. This sudden surge caused volatility indicators like BTC‘s Implied Volatility to spike, reaching over 78%. Market sentiment has shifted dramatically, favoring a bullish outlook. Over 600 Bitcoin units are now worth more than $100,000.
— Greeks.live (@GreeksLive) April 8, 2024
In line with Tapiero’s positive outlook, analyst Michael Van De Poppe has similarly highlighted Bitcoin’s capability for extraordinary expansion.
Based on Van De Poppe’s perspective, overcoming resistance at certain points might lead Bitcoin to reach new peak prices during this bull market, potentially even surpassing $300,000.
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2024-04-09 04:16