Bitcoin could rally to $100,000 and beyond, expert predicts
Dan Tapiero, CEO of growth equity fund 1RoundTable Partners, expects Bitcoin (BTC) to surpass $100,000.
That’s a conservative estimate, the analyst adds, suggesting the flagship cryptocurrency has the potential for even greater gains within the next five years.
Tapiero, known for his macro insights and fund management prowess, recently shared a cautiously optimistic outlook on Bitcoin’s future value. A surge to $100,000 would signify a remarkable 160% gain from the current levels.
“My target for when I first started looking at this deeply in 2019 was always around $250,000 to $350,000 on Bitcoin,” Tapiero says.
This, according to him, was a considered projection for the end of the decade, suggesting a reasonable trajectory for Bitcoin’s growth.
In discussions with former Goldman Sachs executive Raoul Pal, Tapiero emphasized a noteworthy shift in the cryptocurrency landscape. Traditional retail and financial giants are increasingly embracing digital assets and blockchain technology, signaling a departure from the cautious approach seen in previous market cycles.
Notable companies like Adidas, LVMH, and Nike are exploring the integration of non-fungible tokens (NFTs), and major financial institutions like Franklin Templeton, Fidelity, and BlackRock are displaying a keen interest in the sector.
Tapiero identifies the current phase as an “adoption cycle,” pointing to the growing interest and investments in protocols like Ethereum. However, he distinguishes this revenue from traditional streams, hinting at a transformation in how value is perceived and exchanged.
Market trends
In tandem with Tapiero’s insights, recent market trends reinforce Bitcoin’s resilience and growth. Galaxy Digital predicts a 74% price increase in the first year post a Bitcoin ETF launch, with a base price of $26,920. This projection is underpinned by the belief that an ETF would broaden Bitcoin accessibility, particularly for traditional investors comfortable with regulated investment vehicles.
Simultaneously, algorithmic models and Bitcoin forecast websites echo optimistic sentiments. Predictions peg Bitcoin at $137,400 by the close of 2025.
However, it’s essential to note the caution expressed by traders like Dr Proft, emphasizing the importance of Bitcoin holding above the 20-day Simple Moving Average at $36,287. Failure to do so could trigger a retracement to $33,000.
Bitcoin’s (BTC) current position
Bitcoin (BTC) is exchanging hands for $37,801.67, at press time, representing a marginal 24-hour decline of -0.07% and a 2.90% increase over the past week.
With a circulating supply of 20 million BTC, Bitcoin’s market cap stands at $739,126,338,481, per data from CoinGecko.
Tapiero isn’t the only crypto pro sharing bullish insights on Bitcoin as of late. On X, formerly Twitter, BitMEX co-founder Arthur Hayes predicted that Bitcoin, like dollar liquidity, will enjoy an uptick. See below:
Credit: Source link
