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.
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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 Tapiero’s 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.
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Other Prominent Analysts Agree
Tapiero’s 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 and the world adopting something new and digital.
Mike Novogratz, chief executive of Galaxy Digital and a former Goldman Sachs partner, has also dispensed his thoughts on Bitcoin’s medium-term outlook.
As reported by NewsBTC earlier this week, he expects for BTC to hit $20,000 this year as money printing by central banks continues to drive liquidity into the market, driving scarce assets higher.
Related Reading: Unexpected Factor That Suppressed BTC Bulls in 2019 Is Now Gone
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analyst: Bitcoin Price Could Soon See a "Very Large Upmove"
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