Macro Analyst: Bitcoin Price Could Soon See a Very Large Upmove

Sunday 6 August 2020, 6:39 PM AEST - 3 days ago

Bitcoin has seen an explosive past seven days. Per data from Coin Market Cap, the leading cryptocurrency has literally rallied 21% in the past week — one of the best weekly performances in some months.

BTC Chart from TradingView.com

Despite this impressive performance, analysts are still eyeing even more upside for this embattled market.

Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, DeFi Still in Vogue

Bitcoin Is on the Verge of a Very Large Upmove

Dan Tapiero — the co-founder of 10T Holdings, DTAP Capital, and other firms — is expecting Bitcoin and gold to soon undergo strong upmoves.

He shared this sentiment in a tweet published on August 1st, when he shared this chart from Bloomberg suggest the U.S. dollar could crash against the Japanese yen:

Crazy chart below suggesting 25% drop in #USD vs Yen. Would be major surprise but consistent with the coming very large #GOLD and #bitcoin upmoves. Would portend several years of 0 US inflation, 0 rates. So much yen strength would require more BoJ stimulus to counterbalance.

If the U.S. dollar dives against foreign currencies, Bitcoin and gold are likely to benefit in a similar way to how they rallied as the Dollar Index has crashed over recent weeks.

The abovementioned sentiment is Tapieros latest comment on the upcoming rally in both gold and BTC. He has previously said that with the vast amounts of money printing being spearheaded by central banks, coupled with low-interest rates, the aforementioned hard monies are making more sense as investments.

Other Prominent Analysts Agree

Tapieros contemporaries in the investing world agree with his optimism about Bitcoin and gold.

Raoul Pal — a macro investing veteran who currently runs Real Vision and Global Macro Investor — has commented in multiple recent interviews and tweets that he thinks Bitcoin will perform extremely well in the years ahead.

The investor said in interviews that he sees a genuine chance the financial system breaks in this upcoming cycle due to demographic trends and other factors.

Bitcoin, to Pal, is a call option on the system breaking a ...

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