- Bitcoin has stalled after failing to hold above $12,000 for the second time in two weeks.
- The cryptocurrency trades at $11,450 as of this article’s writing, below the ever-important $11,500 level.
- Despite this weakness in the price of BTC, analysts remain long-term bullish on this nascent market.
- Joining his contemporary Raoul Pal, macro investor and gold bull Dan Tapiero says Bitcoin could soon go exponential.
- In a tweet published on August 10th, the BTC bull mentioned that the asset could literally 5-10x in the years ahead.
- This is a sentiment that has increasingly been accepted by Wall Street veterans, who say macroeconomic factors favor massive Bitcoin growth.
Dan Tapiero: Bitcoin Could 5-10x In the Years Ahead
Dan Tapiero — the co-founder of DTAP Capital, Gold Bullion International, and other companies — sees a long-term exponential rally for Bitcoin.
He shared the chart seen below in an August 10th tweet, noting that Bitcoin’s logarithmic chart suggests it is primed to rally 400-900% this cycle:
“Tremendous long term Log Chart of #Bitcoin projects up 5-10x on this run. Just breaking up NOW. Should last a few years as 2.5yr consolidation is fantastic base for catapult up. Break of old highs will have explosive follow through. Time to sit and be patient.”
Chart of BTC's macro price action (Logarithimic chart) by Bitcoin bull and gold investor Dan Tapiero. Chart from Bloomberg
Tapiero’s latest comment on Bitcoin’s potential to rally above $50,000 or even $100,000 comes after he has been promoting the cryptocurrency for weeks.
He has written in multiple tweets that he thinks macroeconomic factors are almost ensuring Bitcoin moves higher. One tweet he shared, for instance, contained the following text on how macro factors can act as a boon for the leading cryptocurrency:
“Massive global liquidity to hit mkts NEXT year. Chart suggests #equity mkt at risk of correction in Q4, then single greatest rally of our lifetime in 2021. Enormous speed and near vertical price increase possible. Might be led by #GOLD this time. #Bitcoin would benefit too.”
Not the Only One That Thinks So
Tapiero isn’t the only one that thinks Bitcoin will see such explosive price action.
Raoul Pal, a former head of Goldman Sachs’ hedge fund sales, recently wrote that BTC will be the world’s best-performing asset moving forward:
“These are all INCREDIBLY BULLISH long-term chart patterns. The probabilities in the charts suggest that Bitcoin is likely set to be the best performing major asset in the world over the next 24 months and by a big margin.”
These are all INCREDIBLY BULLISH long-term chart patterns. The probabilities in the charts suggest that Bitcoin is likely set to be the best performing major asset in the world over the next 24 months and by a big margin.
— Raoul Pal (@RaoulGMI) August 10, 2020
He added in separate comments that Bitcoin could hit $100,000 in the next two to three years.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com A Top Gold Bull Thinks an Exponential Bitcoin Price Expansion Is Imminent