Key Points
- Dan Tapiero, CEO of 10T Holdings, predicts Bitcoin’s price could rise to $90,000 soon.
- Despite current bearish sentiment, Tapiero’s bullish forecast aligns with others in the crypto community.
Dan Tapiero, the founder and CEO of 10T Holdings, has made a bold prediction about the future price of Bitcoin. He believes that the cryptocurrency could see its price climb to $90,000 in the near future. This forecast comes amidst Bitcoin’s recent recovery.
Tapiero’s Bitcoin Prediction
In a social media post, Tapiero expressed a bullish stance on Bitcoin. He predicts that Bitcoin will first break to $65,000, then jump straight to $90,000 before moving further in the current bullish cycle.
From a technical standpoint, Tapiero suggests that Bitcoin’s recent price movements indicate a clear sideways overlapping flag-type consolidation pattern. This pattern is often seen in financial markets, indicating a period of rest before the next significant price movement. He believes Bitcoin’s consolidation phase is almost over, and the market is ready for a significant movement.
While the specific catalysts driving this expected surge remain unclear, Tapiero advises investors not to resist Bitcoin’s upside, echoing the sentiments of Real Vision CEO Raoul Pal. Pal believes that when all indicators point to a potential surge, resisting the upward momentum can mean missing out on significant gains.
Many in the online crypto community agree with Tapiero’s predictions, believing that Bitcoin is on track for a bullish movement. They suggest it could take months for Bitcoin to experience a significant surge, with one commenter suggesting a timeframe of June for Bitcoin’s next big move.
Despite the bullish predictions, the current sentiment for Bitcoin’s price is bearish, with the Fear & Greed Index showing greed. At the time of writing, Bitcoin is down by 1.8%, trading at $61,683. This is a significant drop from a recovery to $63,000 earlier in the week. This price rally comes ahead of the release of the US inflation data numbers scheduled for this week.
Will Tapiero’s Predictions Materialize?
It is uncertain if Bitcoin’s price will climb to $90,000 soon, but the cryptocurrency has managed to remain above the crucial support levels of $60,000 in the current cycle. However, it has struggled to surge past $64,000, thus trading in a narrow range. Bitcoin could see further pullbacks under $60,000 if it fails to break above the resistance of $64,000.
On the other hand, Bitcoin could see a significant breakthrough if it surges above the $64,000 mark. It’s worth mentioning that Bitcoin surged to $65,000 earlier in the month. Therefore, it’s possible that Bitcoin could repeat this movement soon, leading to higher prices. The ATH above $73,000 remain the target in the mid-term, with the coin likely to trigger new surges in the long term.
In related news, Bitcoin Exchange Traded Funds (ETFs) recorded inflows of $66 million on Monday. While Fidelity Investments led the pack, BlackRock’s IBIT and Grayscale’s GBTC registered zero net flows.
