- Bitcoin’s price movement has not been the most bullish over previous weeks.
- Following the asset released a series of tops in the $12,000 limit, a $2,000 drop followed.
- At the lows beginning last week, BTC traded for below $10,000 due to extensive selling pressure.
- Bitcoin has experienced a rally since the most critical of the drop and now trades at $10,700 as of this article’s writing.
- This is distant from a full-blown comeback, but analysts remain confident about the leading cryptocurrency and its altcoins.
- One macro trader, Dan Tapiero of Gold Bullion Int., says that both Bitcoin and gold will increase over a long-term time frame due to macro trends.
- One such direction he stated recently is commercial real estate failure, which he thinks will force the Federal Reserve to maintain stimulus.
This Macroeconomic Trend May Boost Bitcoin and Gold
Bitcoin and gold will profit from the ongoing macroeconomic trends caused by the pandemic and lockdowns, Dan Tapiero lately assumed. Tapiero is a co-founder of 10T Holdings, DTAP Capital, Gold Bullion Int, and other firms. He is a long-time gold bull and recently begun to focus his time on the Bitcoin and digital asset space.
Remarking on how the Federal Reserve will expect to keep rates low due to the commercial real estate crisis, Tapiero twitted:
This is not yet a stone’s throw away from the first time Tapiero has displayed his Bitcoin support due to continuing macroeconomic trends. He recently said on BTC’s potential to grow in this market cycle:
“Tremendous long term Log Chart of #Bitcoin projects up 5-10x on this run. Just breaking up NOW. Should last a few years as 2.5yr consolidation is a fantastic base for catapult up. Break of old highs will have explosive follow-through. Time to sit and be patient.”
He’s Not The Only One That Thinks So
He is far from the only bull on Wall Street.
The CEO of Galaxy Digital and recent partner at Goldman Sachs, Mike Novogratz, recently said that the Federal Reserve’s liquidity injections are directed to send Bitcoin and gold higher.
This has been imitated by Raoul Pal, former hedge fund manager and former head of hedge fund sales at Goldman Sachs. Pal is currently the CEO of Real Vision.
The investor once said that Bitcoin could be the best performing asset of at least the next two years due to its structural and technical trends.