Rising Liquidity Will Push Bitcoin To Over $200,000 In Less Than 5 Months: What It Means
19 December 2023 - 2:00PM
NEWSBTC
According to Dan Tapiero, Managing Partner at 10T Holdings, the
Bitcoin and crypto market is on the verge of a major
transformation, with the world’s most valuable
coin likely to soar to over $200,000 by May 2024. Citing
data by Raoul Paul, the CEO of Real Vision, Tapiero suggests that
traditional money managers must take notice and prepare for a
paradigm shift in the financial landscape. Bitcoin Could Rally To
Over $200,000 In 2024 On Rising Liquidity Tapiero bases this
bullish forecast on the expected BTC liquidity surge in the coming
months. Market participants hope the stringent Securities and
Exchange Commission (SEC) will approve the first batch of Bitcoin
ETFs in the next few trading weeks. The Bitcoin ETF, set to
be issued by some mainstream players in traditional finance,
including BlackRock, will provide regulated vehicles through which
institutional investors can get exposure to the coin. Based on
Tapiero’s analysis, as more and more institutions adopt Bitcoin,
its liquidity will increase, boosting prices. Related
Reading: Investors Flock To Stacks (STX) As It Gains 10% Against
The Bears – Here’s Why With a Bitcoin ETF on the table, it would
also mean the release of institutional-grade Bitcoin trading
platforms. This will cement Bitcoin’s position in the industry and
its potential role in reshaping finance. Paul’s monthly GMI data,
which tracks the sentiment of institutional investors, as Tapiero
mentions, further reinforces the general bullish sentiment across
the board. Looking at the GMI total liquidity index, the trend has
been rising, suggesting that institutional interest in Bitcoin has
also increased. This trend also indicates that more funds and asset
managers are likely allocating more of their portfolios to Bitcoin,
expecting to ride the leg up or be on the safe side. Traditional
Fund Managers Watching, BTC Up 64% From September Lows
Looking at Tapiero’s preview, the managing partner thinks rising
prices will seriously affect traditional money managers. As such,
if Bitcoin rallies to $200,000 on increasing liquidity, in the
partner’s assessment, ignoring this asset class could pose a
significant career risk. Related Reading: XRP Gets Rejected Down:
Analyst Predicts Bottom Target Notably, Tapeiro opines that
managers who fail to embrace the transformative power of Bitcoin
may trail. This is because crypto will continue to evolve and find
adoption. As of December 18, Bitcoin is firmly in an uptrend and
expanding with rising trading volume. The coin is up 64% from its
September 2023 lows. Though there has been a cool-off in the past
few trading days, prices are trending above the 20-day moving
average. Accordingly, in the days ahead, how prices pan out will
shape the medium term. As it is, the immediate resistance level
lies at around $44,500. If buyers take charge, the coin may float
to $50,000. Afterward, it may float to the all-time high of $69,000
in the sessions ahead. Feature image from Canva, chart from
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