Macro Investor Dan Tapiero Remains Bullish on Bitcoin Despite Correction
Renowned macro investor and fund manager Dan Tapiero continues to hold a long-term bullish outlook on Bitcoin (BTC) despite a recent correction that has seen the cryptocurrency’s price drop by approximately 24% from its all-time high in January.
In a recent interview on the Wolf of All Streets YouTube channel, Tapiero shared his thoughts on the current state of the market, expressing his belief that Bitcoin could experience a significant increase of around 117% following a period of consolidation.
“I always expected us to spend months consolidating around $100,000. I think we’re going to chop back and forth between $70,000 and $100,000 to digest all this news. And at some point, we’re going to head back up. I have had this $180,000 target in mind for a while.”
Tapiero also provided insights on the timeline for Bitcoin to reach the $180,000 price target, stating:
“I know some people have been more aggressive, but I think we can hit that [$180,000] this year or potentially early next year. But I’m leaning more towards this year.”
Despite the recent correction, Tapiero emphasized that Bitcoin has still delivered positive returns compared to its mid-2023 levels. He advised investors to take a step back and look at the bigger picture rather than getting caught up in short-term fluctuations.
“It’s just the way markets work – you have 85% or 90% bulls at $100,000 and now you’re down to, what is it? 15%? People are feeling despondent, thinking the world is over, but we’re still at $80,000, which is up 2x or 3x from 18 months ago. It’s quite remarkable.”
As of now, Bitcoin is trading at $82,940.
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