Dan Tapiero, a seasoned macro investor, has shared his optimistic outlook for Bitcoin (BTC) in 2024, predicting a substantial upward trend.
Bitcoin’s Projected Growth in 2024
Strong Year-to-Date Performance: Tapiero highlights Bitcoin’s remarkable growth, noting a 160% increase year-to-date and its approach towards a high year-end close.
Institutional Investment Inevitability: He emphasizes that Bitcoin’s track record as the highest-returning asset makes it impossible for institutional investors to overlook. Tapiero asserts that having zero exposure to Bitcoin could pose a career risk for these investors.
Gold’s Bullish Outlook and Interest Rate Speculations
Gold’s Price Pattern: Tapiero observes a bullish cup-and-handle price pattern forming in gold, suggesting an impending rally.
Federal Reserve’s Anticipated Actions: He believes that the Federal Reserve is likely to reduce interest rates, which would positively impact gold, as well as Bitcoin and Ethereum (ETH).
Price Target for Gold: Tapiero sets a target price range for gold between $2,300 and $2,500, bolstered by potential diversification away from the USD and a collapse in interest rates.
Global Liquidity and Bitcoin’s Potential Surge
Raoul Pal’s Chart Analysis: Tapiero shares a chart from Raoul Pal, a former Goldman Sachs executive, indicating that increasing global liquidity could propel Bitcoin above $200,000 in the coming year.
Implications of the Chart: 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.
Previous Predictions by Tapiero
Last month, during an interview with Natalie Brunell, Tapiero said that although his conservative price target for Bitcoin is $100,000, he can see Bitcoin reaching $250,000 to $350,000 by 2029:
“My target for when I first started looking at this deeply in 2019 was always around $250,000 to $350,000 on Bitcoin. That was just a number that was to me a reasonable number to get to by 2029. So in 2019, that was sort of my thought by the end of the decade. That’s a reasonable number to get to.”
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