Renowned macro expert and cryptocurrency fund manager Dan Tapiero forecasts a significant surge for Bitcoin (BTC) in 2024.
Speaking to his 111,000 followers on a popular social media platform, Tapiero highlights Bitcoin’s exceptional performance as a top asset. He anticipates it will continue to achieve substantial gains in the coming year, following its remarkable rise in 2023.
Tapiero points out the unmistakable trend: “Bitcoin has risen by 160% year-to-date and is nearing its peak for a year-end climax. The consistent pattern indicates a strong upward trajectory in 2024. It’s becoming increasingly untenable for institutional investors to overlook Bitcoin, the highest-yielding asset in history. Having zero exposure could become a career risk.”
Tapiero also notes that gold is exhibiting a promising ‘cup-and-handle’ price formation, indicating a bullish trend. He anticipates that upcoming reductions in Federal Interest rates will positively impact both gold, as well as leading cryptocurrencies like Bitcoin and Ethereum (ETH).Commenting on the potential of gold, Tapiero remarks, “Gold’s outlook appears highly explosive. I’ve mentioned in recent months about an epic rally unfolding; the concept of a triple top is non-existent, with a clear cup and handle pattern emerging.A potential collapse in interest rates, coupled with a shift away from the USD, seems likely. My target for gold is between $2,300 and $2,500.This scenario is also optimistic for the growth of Bitcoin and ETH.”
The venture capitalist references a chart from ex-Goldman Sachs executive Raoul Pal, indicating that a surge in global liquidity might propel Bitcoin’s value to surpass $200,000 in the upcoming year.
He expresses his views, saying, “The global audience is yet to grasp the implications of this chart. [Pal] maintains his exceptional analysis in his monthly GMI (Global Macro Investor) reports. Bitcoin potentially hitting $200,000 in 2024 signifies a profound and approaching shift in global dynamics. For conventional money managers, not having any investment in Bitcoin could become a significant professional risk. This scenario is set to redefine the concepts of money and value.”
Previously, Tapiero had stated that a Bitcoin value of $100,000 is a “moderate forecast” and projected that BTC could reach a price range of $250,000 to $350,000 by 2029.
Currently, Bitcoin’s market price stands at $43,869, showing a marginal increase over the past day.
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