Global investor Dan Tapiello recently share He has expressed an optimistic outlook for Bitcoin (BTC), suggesting that the major cryptocurrency could soon skyrocket to levels above $200,000.
Tapiello, known for his investment acumen and role as co-founder of Gold Bullion International and 10T Holdings, expressed this bullish sentiment on X.
Catalyst that could push Bitcoin to $200,000
According to Tapiello, important macroeconomic factors are expected to push Bitcoin prices to new heights, providing investors with the opportunity to make significant gains. Tapiello's bullish stance on Bitcoin's future price trajectory revolves around a unique correlation he observed in the market.
In particular, experts highlighted concerns about “financial deterioration” caused by the remarkable 60% rise in the U.S. Treasury market over the past five years.
Due to this factor, Tapiello predicts that the price of Bitcoin, the digital gold, will rise above $200,000. While Tapiello acknowledges that gold could perform well in such a scenario, he remains particularly bullish on the outlook for Bitcoin.
The most notable macro correlation breakdown I've seen in a while.
It signals extreme concern about currency deterioration caused by a 60% increase in the government bond market over the past five years.
The theme is not yet widely subscribed.
strong #Money Especially when interest rates fall.
Storehouse #bitcoinUp to 200,000 or more
🚀 🚀 pic.twitter.com/muI1CNtN0h— Dan Tapiello (@DTAPCAP) April 8, 2024
Bitcoin recent performance and analyst insights
Over the past 24 hours, Bitcoin has shown bullish momentum, surpassing the $71,000 price level and recovering. Bitcoin's upward trajectory, which has gained 2.6% in one week and 3.1% in the past 24 hours, continues to attract the attention of investors and analysts.
especially, The current price performance of this asset is consistent with notable events. Recently, over 600 BTC of a $100,000 exercise call option was traded in a block trade. This significant development, revealed by Greek Live, has a notional value of $8.5 million in premium alone and could be worth up to $45 million.
Greeks Live further reported that this event pushed the overall market into long-term bullish momentum. Furthermore, with the halving event just around the corner, new all-time highs, including the milestone $100,000, seem within reach.
Bitcoin broke through the $70,000 zone without any warning and is one step away from hitting a new all-time high.
The rapid rally has seen all major period IVs rise significantly, with BTC Dvol currently above 78%, and market sentiment quickly returned to a long-term vibe.
Over 600BTC worth $100,000… pic.twitter.com/JY9QXyzGMi— Greeks.live (@GreeksLive) April 8, 2024
Echoing Tapiello's optimism, analyst Michael Van de Poppe recently highlighted Bitcoin's unprecedented growth potential.
According to Van de Poppe, Bitcoin's ability to break through key levels despite encountering resistance could pave the way for a surge towards new all-time highs, and the current The bull market is forecast to reach up to $300,000.
Featured image from Unsplash, chart from TradingView
