Veteran Investor Shifts Bitcoin (BTC) Price Forecast From $100K To $200K
Macro guru and veteran investor Dan Tapiero said “the world is not ready” for a Bitcoin (BTC) Price forecast of $200,000 in 2024, after having recently predicted a $100,000 range for the top cryptocurrency in the next bull run.
Also Read: XRP Price Forecast: Analyst Sees Further Pullback, What’s Next?
BTC At $200K?
Dan Tapiero commented on the monthly report by Raoul Pal stating that the world is not ready for a scenario in which BTC price reaches $200,000 in 2024. Pal’s report projected a 20% year on year increase in liquidity in the Bitcoin market, thereby foreseeing a target of $218,000 in May 2024. Tapiero said,
“A 200k Bitcoin in 2024 suggests a true and imminent change in the world. Zero exposure will pose career risk for traditional money managers.”
However, Raol Pal warned that the forecast looks “far too optimistic” when it comes to projections on liquidity. Yet, he reiterated the overall sentiment in the BTC market, stating that the prediction for $200,000 target “should be directionally right.” Earlier, CoinGape reported Tapiero’s prediction of a conservative $100,000 range for the cryptocurrency in the next bull run in 2025.
Fundamentals To Support Bitcoin Bull Run
A majority of the crypto market is anticipating the onset of the bull run in the first few months of 2024 if and when the U.S. Securities and Exchange Commission (SEC) approves the spot Bitcoin ETF applications filed by financial giants like Blackrock and Fidelity. The next deadline for a decision in this regard falls on January 10, 2024. In addition, the Bitcoin Halving event, which is historically known for a price surge for BTC, is scheduled for the second quarter of 2024.
The US macroeconomic dynamics also looks to be in favor of having more liquidity in the crypto ecosystem, as the US Federal Reserve officials projected chances of three rate cuts in the year 2024. The CME FedWatch Tool, which tracks investor sentiment on the likelihood of Fed targeting Federal target rate at upcoming Federal Open Market Committee (FOMC) meetings, shows a nearly 90% chance that the central bank would go with unchanged target rate in the January 31, 2024 meeting.
Also Read: Ex SEC Veteran Labels Latest BAYC Theft a “Tragedy of Epic Proportions”
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