Bitcoin Could Be On The Cusp Of A Roaring Rally, According To Goldbug Dan Tapiero
Dan Tapiero, the co-founder of Gold Bullion International and founder of DTAP Capital has predicted that bitcoin will see up to 10X returns in the coming years. Tapiero’s optimism comes despite the BTC price recently rejecting the $12K level for the second time in a span of two weeks.
Why A Significant Price Surge May Be On The Horizon
Earlier this week, BTC tapped the $12K region again. The rally was, however, short-lived as the crypto suffered some heavy selling a few hours later which saw it slip to $11,300. Notably, bitcoin plunged as gold suffered its biggest fall in over seven years. This downward correction came after United States President Donald Trump signed an executive order to extend coronavirus economic relief which triggered a stock market rally.
At the moment, the benchmark crypto is clinging desperately to the crucial $11.5K level. Despite BTC exuding weakness in the immediate-term, pundits are still bullish on the crypto in the long-term.
Goldbug Dan Tapiero, for instance, recently postulated that bitcoin is primed to go parabolic in the current cycle. The macro investor noted in an August 11 tweet that BTC’s long-term logarithmic chart indicates that the asset is poised to go up 5-10X. Tapiero terms the 2.5 yrs of accumulation that bitcoin has experienced as a “fantastic base for catapult up”.
Tapiero captioned the chart that can be seen below to support his assertion. He also advised bitcoin investors to exercise patience.
5-10x higher from the current level puts bitcoin between $50,000 and $100,000. While this may seem like a pie in the sky target, bitcoin has registered an incredible recovery from the mid-March lows and it could very well take off to new highs in the near future.
The CEO of Global Macro Investor Raoul Pal also echoed the same sentiment, observing that bitcoin looks extremely bullish on higher time frames:
“Super, super early days for what is likely to be a very big move as institutions finally follow what retail BTC investors have known all along — that this is the future and its wildly underpriced.”