Analyst says Bitcoin is appearing increasingly bullish, $90K price target looming

  • Exciting discussions ensue among investors like Tapiero and Novogratz about Bitcoin’s potential future.
  • Amid uncertainties regarding Fed cuts and regulations, optimism emerges.

After a period of decline, Bitcoin [BTC] is showing signs of a resurgence, demonstrated by its recent price movements. Currently, BTC is trading at $62,150, reflecting a modest increase of 0.39%. 

Interestingly, on May 14th, BTC witnessed a short-lived rally, surpassing the $63,000 milestone before dipping slightly.

This upward trend in Bitcoin’s price has ignited lively conversations and anticipation on various social media platforms. 

Conflicting Perspectives on BTC 

Adding to the ongoing discourse is Dan Tapiero, a macro investor and fund manager, who suggests that BTC is poised to reach new all-time highs (ATHs).

In a post on X (formerly Twitter), he emphasized this view.

Tapiero's tweet

Source: Dan Tapiero/X

Meanwhile, Michael Novogratz, the founder of Galaxy Digital Holdings Ltd., anticipates BTC to trade in a narrow range this quarter due to increased adoption of crypto in traditional finance.

As per insights from Bloomberg, Novogratz shared,

“We are currently in a consolidation phase in the crypto space. Bitcoin, Ethereum, and other assets like Solana will consolidate. What does that mean?”

He further stated,

This implies a likely range between $55,000 and $75,000 until external factors push the market higher.

Novogratz attributed the previous ATH of around $73,000 to the introduction of US spot Bitcoin exchange-traded funds (ETFs) and the Bitcoin halving event. 

He believes that the current market stagnation is a result of diminished optimism about potential Federal Reserve rate cuts despite positive economic indicators. 

Bitcoin’s Strong Dominance Stand 

Contrary to market uncertainties, Bitcoin’s market dominance has consistently surpassed 50% amid price fluctuations.

According to data from CoinMarketCap, Bitcoin currently holds approximately 51% of the total cryptocurrency market cap.

BTC's dominance BTC's dominance

Source: CoinMarketCap

A potential breakout from this consolidation phase for Bitcoin’s price may occur if there are Federal Reserve rate adjustments or if the upcoming election clarifies the regulatory environment for crypto.

Looking to the Future of Bitcoin 

In the grand scheme of things, while past patterns offer insights, they do not ensure future outcomes. Hence, there is a high chance of market fluctuations and sideways movements in the days ahead. 

Echoing the sentiment, Michaler Saylor remarked,

“There are numerous pension funds in the US managing around $27 trillion in assets. They will all eventually need some #Bitcoin.”

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