While it is not certain if Bitcoin price will climb to $90,000 soon, the cryptocurrency has managed to stay above the crucial support levels of $60,000 in the current cycle.
Dan Tapiero, the founder and CEO of 10T Holdings projects that Bitcoin (BTC) could see its price climb to $90,000 soon. Tapiero’s bullish forecast on Bitcoin coincides with the recent recovery of the cryptocurrency.
Tapiero Goes Big on Bitcoin
“Starting to look scary bullish for Bitcoin,” stated Tapiero in a post on social media X. In a bold prediction, the CEO says Bitcoin will first break to $65,000, then go right to $90,000 before moving further in the current bullish cycle.
From a technical perspective, Tapiero says Bitcoin’s recent price movements reveal a clear sideways overlapping flag-type consolidation pattern. This pattern, often seen in financial markets, indicates a period of rest before the next major price movement. Tapiero emphasized that Bitcoin’s consolidation phase is nearly complete, and the market is primed for an explosive movement.
The CEO acknowledged that specific catalysts driving this anticipated surge remain unclear, but added that it is irrelevant. He advised investors not to fight Bitcoin’s upside, as often preached by Real Vision CEO Raoul Pal. Notably, Pal believes when all indicators point to a potential surge, resisting the upward momentum can mean missing out on substantial gains.
Many in the online crypto community believe Bitcoin is on track for a bullish movement, aligning with Tapiero’s predictions. At the same time, they claim it could take months for Bitcoin to experience a big run. One commenter even set a timeframe of June for Bitcoin to see its next big move.
Surprisingly, the price prediction sentiment for the coin is currently bearish, while the Fear & Greed Index is showing greed. At the time of writing, Bitcoin is down by 1.8% to trade at $61,683. This is a substantial drop from a recovery to $63,000 on Monday. This price rally comes ahead of the release of the US inflation data numbers scheduled for this week.
Can Tapiero’s Predictions Come to Pass?
While it is not certain if Bitcoin price will climb to $90,000 soon, the cryptocurrency has managed to stay above the crucial support levels of $60,000 in the current cycle. However, it has failed to surge past $64,000, thus trading in the narrow range. Bitcoin could see further pullbacks under $60,000 if it fails to break above the resistance of $64,000.
On the flip side, BTC could see an outstanding breakthrough if it surges above the $64,000 mark. It is worth noting that Bitcoin surged to $65,000 earlier in the month. It is, therefore, possible that BTC could repeat this movement soon, leading to higher prices. The ATH above $73,000 remain the target in the mid-term with the coin likely to pull new surges in the long term.
In a related development, Bitcoin Exchange Traded Funds (ETFs) recorded inflows of $66 million on Monday. While Fidelity Investments led the pack, BlackRock’s IBIT and Grayscale’s GBTC registered zero net flows.
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