Veteran crypto maverick Dan Tapiero predicts significant growth in Bitcoin’s price in 2024Macro guru and crypto fund manager Dan Tapiero shared his optimistic outlook for Bitcoin’s performance in 2024. The seasoned investor, with a significant following on social media, predicts a substantial upward trend for the leading cryptocurrency.
Bitcoin’s strong year-to-date performance
Tapiero highlights Bitcoin’s impressive year-to-date growth, noting a remarkable 160% increase. As Bitcoin approaches a high year-end close, Tapiero asserts that its clear track record as the highest-returning asset makes it impossible for institutional investors to ignore. He emphasizes that having zero exposure to Bitcoin could pose a career risk for these investors.
Tapiero also observes a bullish cup-and-handle price pattern forming in gold, suggesting a potential rally. Adding to the positive sentiment, he believes the Federal Reserve will likely reduce interest rates. This anticipated move could positively impact gold, Bitcoin and Ethereum (ETH). Tapiero sets a target price range for gold between $2,300 and $2,500, supported by potential diversification away from the USD and a predicted collapse in interest rates.
Global liquidity and Bitcoin’s potential surge
Sharing insights from former Goldman Sachs executive Raoul Pal, Tapiero presents a chart indicating that increasing global liquidity might propel Bitcoin above $200,000 in the coming year. He suggests that this chart points to a significant and imminent change in the world, redefining money and value. Tapiero reiterates that traditional money managers risk their careers by not having exposure to Bitcoin.
Tapiero, known for his macroeconomic insights, had previously stated in an interview that his conservative price target for Bitcoin is $100,000. However, he envisions Bitcoin reaching $250,000 to $350,000 by 2029. This projection was made in 2019 and aligns with his long-term perspective on Bitcoin’s potential growth.
In conclusion, Tapiero’s bullish outlook on Bitcoin for 2024 is rooted in its strong year-to-date performance, the inevitability of institutional investment, positive indicators for gold, and expectations of a favorable macroeconomic environment.
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