Macro investor Dan Tapiero stays confident that Bitcoin (BTC) is heading in the right direction to achieve $180,000 as a part of its current bull cycle, but warns that a significant correction could follow once the rally peaks.
Despite recent risk aversion and heavy selling from long-term “OG whales,” Tapiero insists the bull market stays intact. “I believe the macro backdrop continues to be positive,” he said in an interview with Cointelegraph.
According to Tapiero, the recent all-time high didn’t fully reflect the “fundamental improvements” within the Bitcoin ecosystem or the increasingly favorable macroeconomic environment that supports digital assets.
He points to the rise of stablecoins, institutional adoption and clearer regulation as evidence that the space has matured significantly.
However, Tapiero warns that Bitcoin's boom-and-bust cycle is much from over. Even in a more liquid and developed market, deep corrections remain a natural a part of the rhythm.
“That’s not how markets work,” he explained. “Bitcoin and ETH are down 90% in 2018. I'm not saying we're going to go down 90%. I'm saying we are able to go down 70%.”
Still, its long-term outlook is incredibly optimistic. “If you might have a 10-year perspective,” Tapiero said, “Bitcoin should make a minimum of $1 million in the following 10 years.”
To learn more about Tapiero's case for an ongoing bull market and spot the following bear phase when it comes, watch the complete interview on Cointelegraph's YouTube channel now.
