Global investor Dan Tapiero recently expressed his bullish outlook for Bitcoin (BTC), suggesting that a rise above the $200,000 mark for the leading cryptocurrency could be on the cards.
Tapiero, known for his investment knowledge and co-founder role at Gold Bullion International and 10T Holdings, used X to express this bullish sentiment.
Catalyst that could drive Bitcoin to $200,000
According to Tapiero, a significant macroeconomic factor is likely to push the price of Bitcoin to new heights and offer investors the opportunity for significant profits. Tapiero's bullish stance on Bitcoin's future price performance is based on a unique correlation he has observed in the market.
In particular, the expert highlighted concerns about “monetary devaluation” caused by a remarkable 60% rise in the Treasury market over the past five years.
This factor leads Tapiero to expect the digital gold Bitcoin to rise above $200,000. While Tapiero acknowledges the potential for gold to perform well in such a scenario, he remains particularly optimistic about Bitcoin's prospects.
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The most notable macro correlation break I've seen in a while.
Indicates extreme concern over currency devaluation due to a 60 percent increase in Treasury MKT over the past five years.
The topic is not yet widely subscribed to.
Bullish #GOLD and even more so when interest rates fall.
Vault #Bitcoin over 200,000
🚀 🚀 pic.twitter.com/muI1CNtN0h
— Dan Tapiero (@DTAPCAP) April 8, 2024
Bitcoin’s current performance and analyst insights
In the last 24 hours, Bitcoin showed bullish momentum and surpassed and reclaimed the $71,000 price level. With a 2.6% increase over the week and a 3.1% increase in the last 24 hours, Bitcoin's bullish trend continues to attract the attention of investors and analysts alike.
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com
Above all, The asset's current price action coincides with a notable event: over 600 BTC with strike call options worth $100,000 were recently traded in a block trade. This significant development, as highlighted by Greek Live, has a notional value of up to $45 million, with awards alone worth $8.5 million.
Greeks Live further reported that this event has placed the entire market in sustained bullish momentum. Furthermore, with the halving event approaching, the prospect of reaching new all-time highs, including the $100,000 milestone, appears to be within reach.
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Bitcoin broke the $70,000 zone without warning, just one step away from a new all-time high.
The rapid rise has pushed all major maturity IVs significantly higher, with BTC Dvol now above 78%, and market sentiment has quickly shifted to a long atmosphere.
More than 600 BTC worth $100,000… pic.twitter.com/JY9QXyzGMi
— Greeks.live (@GreeksLive) April 8, 2024
Echoing Tapiero's optimism, analyst Michael Van De Poppe also recently highlighted Bitcoin's potential for unprecedented growth.
According to Van De Poppe, Bitcoin's ability to break through key levels despite resistance could pave the way for a rise towards new all-time highs, with predictions for the current bull run being as high as $300,000.
Featured image from Unsplash, chart from TradingView
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