By
Chimamanda U. Martha
April 26th, 2024
Big market players continue to remain bullish on Bitcoin, while the world’s largest crypto faces strong selling pressure a day before the FOMC meeting.
Dan Tapiero, CEO of private equity firm 10T Holdings, sees significant upside potential for Bitcoin due to the increased demand stemming from ETFs and the impending supply shock caused by the halving.
Speaking at the Digital Asset Sumit in London, Tapiero told The Block:
“I think we could easily see a price close to $200,000. I don’t think it’s so crazy.”
Tapiero’s prediction means that the BTC price has the potential to rally three times from the current levels.
He further mentioned that Bitcoin experienced a roughly 20-fold increase from the bear market lows to the peak in 2021. Tapiero further suggests that if this pattern were to repeat, Bitcoin could potentially soar even higher, reaching the $300,000 threshold. He said:
“It’s hard to put a fine point on these things and also the timing is very difficult. I think broadly we’ll get to that place over the next 18 to 24 months and it could be sooner.”
Regarding the impending Bitcoin halving, Tapiero characterized it as another fundamental bullish factor on a macro level. He emphasized that the reduction in Bitcoin supply, coinciding with the increasing demand driven by the ETF market, indicates significant upside potential for Bitcoin. Furthermore, Tapiero expressed confidence that Bitcoin’s upward trajectory would positively influence the broader cryptocurrency market.
In addition to Bitcoin, Tapiero is also bullish about the approval of the spot Ethereum ETF. However, he remains unsure of the timeline of approval.
BTC Price Under Pressure, Bitcoin Price Levels to Watch
The Bitcoin price has come under significant pressure in the last two days. As of press time, the Bitcoin price is trading 7% down at a price of $63,333 with a market cap of $1.245 trillion.
The latest selling pressure comes a day ahead of the Federal Open Market Committee (FOMC) meeting scheduled for March 20. Several central banks are poised to reveal their interest rate decisions this, which will establish the tone for monetary policy in the foreseeable future. As a result of risk aversion, both BTC and ETH prices have experienced corrections.
On the other hand, the net inflows into Bitcoin ETFs have been drying up over the past few days. On Monday, March 18, the Grayscale Bitcoin ETF GBTC experienced its largest outflow to date, totaling $643 million. This resulted in the movement of approximately 10,000 BTC out of GBTC’s holdings.
Bitcoin is once again approaching the $60,000 zone, echoing a pattern seen after its initial surge to a new all-time high earlier this month. This level is closely monitored by traders and has yet to undergo a thorough retest.
Some of the key #Bitcoin support levels to watch are $61,100, $56,685, and $51,530. On the other hand, critical resistance points for $BTC stand at $66,990 and $72,880. pic.twitter.com/VUjzyf2xVm
— Ali (@ali_charts) March 19, 2024
According to crypto analyst Ali Martinez, important support levels for Bitcoin include $61,100, $56,685, and $51,530, while critical resistance points to watch are $66,990 and $72,880.
