9 April 2024
Global investor Dan Tapiero recently shared his optimistic outlook for Bitcoin (BTC), suggesting that the leading cryptocurrency soars above the $200,000 mark might be on the horizon.
Tapiero, known for his investment insights and co-founding roles in Gold Bullion International and 10T Holdings, took to X to express this bullish sentiment.
Catalyst That Could Drive Bitcoin To $200,000
According to Tapiero, a significant macroeconomic factor is expected to drive Bitcoin’s price to new heights, offering investors an opportunity for substantial gains. Tapiero’s bullish stance on Bitcoin’s future price trajectory revolves around a unique correlation he observed in the market.
Particularly, the expert highlighted concerns about “monetary debasement” driven by a notable 60% increase in the Treasury market over the past five years.
This factor leads Tapiero to anticipate a surge beyond $200,000 for the digital gold, Bitcoin. While acknowledging the potential for gold to perform well in such a scenario, Tapiero remains particularly bullish on Bitcoin’s prospects.
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+
pic.twitter.com/muI1CNtN0h
— Dan Tapiero (@DTAPCAP) April 8, 2024
Bitcoin’s Recent Performance And Analyst Insights
In the past 24 hours, Bitcoin has exhibited bullish momentum, surpassing and reclaiming the $71,000 price level. With a 2.6% increase over the week and a 3.1% surge in the last 24 hours, Bitcoin’s upward trajectory continues to attract attention from investors and analysts alike.
Notably, the current price performance of the asset coincides with a notable event: over 600 BTC of $100,000 strike call options have recently been traded in a Block trade. This significant development, as illuminated by Greek Live, carries a notional value of up to $45 million, with $8.5 million worth of premiums alone.
Greeks Live further reported that this occurrence has propelled the entire market into a prolonged bullish momentum. In addition, with the halving event on the horizon, the prospect of reaching new all-time highs, including the milestone of $100,000, appears to be within reach.
Bitcoin broke through the $70,000 zone without warning, one step away from a new all-time high.
The rapid rise has driven all major term IVs up significantly, with BTC Dvol now over 78%, and market sentiment has quickly reversed to a long atmosphere.
More than 600 BTC of $100,000… pic.twitter.com/JY9QXyzGMi
— Greeks.live (@GreeksLive) April 8, 2024
Echoing Tapiero’s optimism, analyst Michael Van De Poppe has also recently emphasized Bitcoin’s potential for unprecedented growth.
According to Van De Poppe, despite encountering resistance, Bitcoin’s ability to break through key levels could pave the way for a surge towards new all-time highs, with projections reaching as high as $300,000 in the current bull run.
Featured image from Unsplash, Chart from TradingView