Global investor Dan Tapiero recently shared his optimistic outlook for Bitcoin (BTC), suggesting that the leading cryptocurrency soars above the $200,000 mark might be on the horizon. Tapiero, known for his investment insights and co-founding roles in Gold Bullion International and 10T Holdings, took to X to express this bullish sentiment. Related Reading: Bitcoin’s Recovery Rally: Breaking Through This Level Is Key To Bullish Momentum – Analyst Catalyst That Could Drive Bitcoin To $200,000 According to Tapiero, a significant macroeconomic factor is expected to drive Bitcoin’s price to new heights, offering investors an opportunity for substantial gains. Tapiero’s bullish stance on Bitcoin’s future price trajectory revolves around a unique correlation he observed in the market. Particularly, the expert highlighted concerns about “monetary debasement” driven by a notable 60% increase in the Treasury market over the past five years. This factor leads Tapiero to anticipate a surge beyond $200,000 for the digital gold, Bitcoin. While acknowledging the potential for gold to perform well in such a scenario, Tapiero remains particularly bullish on Bitcoin’s prospects. Most remarkable macro correlation break I’ve seen in some time. Suggests extreme concern about monetary debasement driven by 60% Treasury mkt increase past 5yrs. Theme not yet widely subscribed. Bullish #GOLD and more so when rates drop. Vaults #Bitcoin to 200k+ 🚀 🚀 pic.twitter.com/muI1CNtN0h — Dan Tapiero (@DTAPCAP) April 8, 2024 Bitcoin’s Recent Performance And Analyst Insights In the past 24 hours, Bitcoin has exhibited bullish momentum, surpassing and reclaiming the $71,000 price level. With a 2.6% increase over the week and a 3.1% surge in the last 24 hours, Bitcoin’s upward trajectory continues to attract attention from investors and analysts alike. Notably, the current price performance of the asset coincides with a notable event: over 600 BTC of $100,000 strike call options have recently been traded in a Block trade. This significant development, as illuminated by Greek Live, carries a notional value of up to $45 million, with $8.5 million worth of premiums alone. Greeks Live further reported that this occurrence has propelled the entire market into a prolonged bullish momentum. In addition, with the halving event on the horizon, the prospect of reaching new all-time highs, including the milestone of $100,000, appears to be within reach. Bitcoin broke through the $70,000 zone without warning, one step away from a new all-time high. The rapid rise has driven all major term IVs up significantly, with BTC Dvol now over 78%, and market sentiment has quickly reversed to a long atmosphere. More than 600 BTC of $100,000… pic.twitter.com/JY9QXyzGMi — Greeks.live (@GreeksLive) April 8, 2024 Echoing Tapiero’s optimism, analyst Michael Van De Poppe has also recently emphasized Bitcoin’s potential for unprecedented growth. Related Reading: Bitcoin Bulls Roar: Analysts Predict Surge To $82,000 Amid Bullish Pennant Formation According to Van De Poppe, despite encountering resistance, Bitcoin’s ability to break through key levels could pave the way for a surge towards new all-time highs, with projections reaching as high as $300,000 in the current bull run. Featured image from Unsplash, Chart from TradingView
