Dan Tapiero, a prominent investor and the founder of Gold Bullion International, has dropped a bullish analysis of Bitcoin’s price movement. In a post supported by charts, Tapiero highlighted how the leading digital currency could break out to $180,000.
How Bitcoin can hit $180,000 in current bull market
Notably, Tapiero is confident that Bitcoin (BTC) is forming a cup and handle pattern, which is positioning the coin for an upward trajectory. He maintains that if BTC can break above the $115,000 level, then the coin is likely to see a massive upsurge.
According to the technical charts, such a development could see Bitcoin reaching a peak of $150,000 as it surges rapidly on the crypto market.
Notably, the $115,000 price level represents a resistance or top of the handle in the pattern. For Bitcoin to align with Tapiero’s analysis, the coin has to break above it. This would confirm the pattern and possibly trigger buying momentum.
The prominent investor expressed confidence in his technical analysis, describing it as a conservative projection of what Bitcoin could achieve. He is optimistic that if the market aligns for Bitcoin, it could hit $180,000 in this current bullish rally. Â
Will institutional accumulation drive BTC’s momentum?
Although Tapiero has painted a very optimistic and bullish picture, historical precedent suggests that volatility could impact projections. In the short term, U.Today has highlighted three key Bitcoin price levels that the coin needs to break, supported by a surge in volume.
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As of press time, Bitcoin is trading at $107,044.07, representing a 1% increase over the last 24 hours. Broader market sentiment shows that the Federal Reserve’s monetary policy uncertainty is fueling the current rebound, and investors anticipate a move toward $108,000.
For Tapiero’s projections to materialize, Bitcoin needs to experience increased and sustained demand. Interestingly, Brian Armstrong, CEO of Coinbase, has hinted at consistent accumulation from his company. He stated that Coinbase was buying BTC every week as the institutional accumulation race continues to intensify.
Investors will keep a keen eye on market trends to see how Bitcoin performs in the coming days.
