Bitcoin has been stuck in the integration phase and is trading between $70,000 and $100,000, but Dan Tapiero, CEO of 10T and 1RT, is not worried.
Speaking about the roundtable with Scott Mercer, Tapiero explained why Bitcoin’s price action is unfolding as expected.
“I’ve always said this on X’s Twitter many times, and we were always going to stop at $100,000,” says Tapiero. “It was regardless of what news came or what happened. It’s a big round number. It’s a theory of big round number in the market.”
Despite what appears to be a stagnant rally, Tapiero believes that the long-term bullish trend remains intact, saying the crypto industry never had a more favorable US regulatory and legislative environment.
“We have never accumulated a US, the largest government in the world, operating in cryptography, not just advocates of cryptography,” he said. “From the Secretary of the Treasury to the Vice President and all sorts of people in the Cabinet, there are people who really believe in the future of cryptocurrency and blockchain.”
Bitcoin has been trading at $84,658, a surge of 4.9% over the past 24 hours, according to Kraken’s price supply.
While some traders are unhappy about how Bitcoin can’t push past $100,000, Tapiero says they need a “chopping” stage of $70,000 to $100,000 before their next move.
“I think we’re going to go back and forth between $70,000 and $100,000 to digest all this news. At some point, we’re back,” he said. “For a while, I’ve been keeping this $180,000 target in mind.”
He hopes Bitcoin will achieve its target by the end of 2025 or early next year, explaining that markets will take time to absorb a major shift, like the US government’s new support for digital assets.
While some investors have panicked Bitcoin’s recent pullback, Tapiero sees it as just another phase of the bull cycle. “You’re raising the 85% or 90% Bulls at $100,000, but now you’re down, what is that, the 15% Bulls? People are disappointed and think the world is over, but still at $80,000, it’s been up 2-3 times since 18 months ago. That’s pretty amazing.”