Bitcoin Predicted to Reach $200,000 by 2024
Dan Tapiero, Managing Partner at 10T Holdings, believes that Bitcoin and the crypto market are on the brink of a significant transformation. He predicts that Bitcoin could soar to over $200,000 by May 2024. Tapiero cites data from Raoul Paul, CEO of Real Vision, and suggests that traditional money managers must prepare for a paradigm shift in the financial landscape.
Rising Liquidity Could Drive Bitcoin Rally
Tapiero’s bullish forecast is based on the expected surge in Bitcoin liquidity in the coming months. Market participants anticipate the approval of the first batch of Bitcoin ETFs by the Securities and Exchange Commission (SEC). The introduction of regulated vehicles through which institutional investors can access Bitcoin is expected to increase its liquidity and drive up prices.
Institutional Interest in Bitcoin on the Rise
The release of a Bitcoin ETF would also lead to the development of institutional-grade Bitcoin trading platforms. This would solidify Bitcoin’s position in the industry and its potential to reshape finance. Tapiero highlights Paul’s monthly GMI data, which indicates a rising trend in institutional interest in Bitcoin. More funds and asset managers are likely allocating more of their portfolios to Bitcoin, anticipating further price increases.
Traditional Fund Managers Must Pay Attention
Tapiero warns that rising prices could have serious implications for traditional money managers who fail to embrace Bitcoin. Ignoring this asset class could pose a significant career risk as crypto continues to evolve and gain adoption. It is crucial for managers to recognize the transformative power of Bitcoin and adapt accordingly.
Bitcoin Price Trending Upward
As of December 18, Bitcoin is experiencing an uptrend with increasing trading volume. The coin has risen 64% from its September 2023 lows. Although there has been a recent cool-off, prices remain above the 20-day moving average. The medium-term outlook will be determined by how prices evolve, with immediate resistance at around $44,500. If buyers take charge, Bitcoin could reach $50,000 and potentially surpass its all-time high of $69,000 in the future.
Hot Take: Bitcoin Poised for Major Transformation
According to Dan Tapiero, the Bitcoin and crypto market is on the verge of a major transformation, with Bitcoin predicted to reach over $200,000 by May 2024. This bullish forecast is based on the expected surge in BTC liquidity and the potential approval of Bitcoin ETFs by the SEC. Institutional interest in Bitcoin is also on the rise, indicating further price increases. Traditional money managers must pay attention to this paradigm shift or risk falling behind. With Bitcoin’s current upward trend and increasing trading volume, it is crucial for managers to recognize the transformative power of this asset class.
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