Macro and crypto investor Dan Tapiero believes that Bitcoin’s (BTC) bull market has yet to begin.
Tapiero tells his 134,800 followers on the social media platform X that Bitcoin is printing a bullish cup-and-handle pattern against gold (BTC/XAU) that will likely lead to price discovery.
A cup-and-handle pattern typically indicates that an asset is ready to spark a new uptrend after a period of consolidation, while price discovery in trading generally refers to an asset soaring to uncharted territory and new all-time high levels.
Tapiero lists eight bullish catalysts that make Bitcoin primed for an explosive move to the upside, including a weakening dollar and the US government’s pro-crypto regulations.
“Wake up. Bull market in Bitcoin has not started yet. Same price in gold terms as five years ago. Massive cup and handle leads to new upside price discovery. 4% short rates too high, USD bear now, [Washington] D.C. reg (regulatory) wind at back, DATs (digital asset treasuries), ETFs (exchange-traded funds), Stables (stablecoins), DeFi (decentralized finance), RWAs (real-world assets), etc. New world.”
He also predicts Bitcoin will eventually hit seven figures as adoption continues to increase in the coming years.
“Imagine. Physical gold only being re-monetized for real now. Bitcoin as digital gold still just narrative. TradFi (traditional finance) far away from actually implementing narrative. Yes. It is still that early. BTC to $1 million in 10 years is $20 trillion value, just 2% of total world assets. Still so early.”
Bitcoin is trading for $114,126 at time of writing, up 4.1% on the day.
The analyst previously said that the altcoin market now has bullish fundamentals that didn’t exist seven years ago.
“Seven years ago, there were no stables, no DeFi, no yield, no Solana, no [non-fungible tokens] NFTs, no decentralized exchanges, no real-world assets, no AI (artificial intelligence), no prediction market, etc. DAE (digital asset ecosystem) growth not priced in.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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