Key Points
- Dan Tapiero, CEO of 10T Holdings, predicts Bitcoin could reach $200,000 due to increased demand from ETFs and halving.
- Bitcoin is under pressure with significant selling, with key price levels being closely watched.
Dan Tapiero, the CEO of 10T Holdings, believes that Bitcoin has significant growth potential.
This is due to the rising demand from Exchange Traded Funds (ETFs) and the upcoming supply reduction caused by halving.
Tapiero’s Forecast
At the Digital Asset Summit in London, Tapiero shared his thoughts.
He suggested that Bitcoin’s price could easily reach around $200,000, a prediction implying a potential threefold increase from current levels.
Tapiero also highlighted Bitcoin’s approximately 20-fold increase from the bear market lows to the 2021 peak.
If this pattern repeats, Bitcoin could soar even higher, possibly hitting the $300,000 mark.
Tapiero believes that this could happen within the next 18 to 24 months, or even sooner.
The upcoming Bitcoin halving is another bullish factor on a macro level, according to Tapiero.
He emphasized that the reduction in Bitcoin supply, along with the rising demand driven by the ETF market, indicates a significant upside potential for Bitcoin.
Tapiero is confident that Bitcoin’s upward trend will positively impact the broader cryptocurrency market.
Alongside Bitcoin, Tapiero is also bullish about the approval of the spot Ethereum ETF, although he is uncertain about the timeline for approval.
Bitcoin Price Under Pressure
The price of Bitcoin has been under significant pressure recently.
At the time of writing, the Bitcoin price has dropped by 7%, trading at $63,333 with a market cap of $1.245 trillion.
This selling pressure comes ahead of the Federal Open Market Committee (FOMC) meeting scheduled for March 20.
Several central banks are poised to reveal their interest rate decisions, which will set the tone for future monetary policy.
As a result of risk aversion, both Bitcoin and Ethereum prices have seen corrections.
Net inflows into Bitcoin ETFs have been decreasing over the past few days.
On March 18, the Grayscale Bitcoin ETF GBTC saw its largest outflow to date, totaling $643 million.
This resulted in approximately 10,000 BTC being moved out of GBTC’s holdings.
Bitcoin is once again nearing the $60,000 mark, a pattern similar to the one seen after its initial surge to a new all-time high earlier this month.
Crypto analyst Ali Martinez has noted important support levels for Bitcoin at $61,100, $56,685, and $51,530, with critical resistance points at $66,990 and $72,880.
