Bitcoin Correction Unlikely, But Short-Term Pullback Possible
Macro investor and fund manager Dan Tapiero believes that digital assets are still in the early stages of their bull run, making a significant correction for Bitcoin (BTC) very unlikely.
In a recent video update, Tapiero, the CEO of investment firm 10T Holdings, told host and SkyBridge Capital founder Anthony Scaramucci that he doesn’t see Bitcoin dipping to $20,000 again.
“I don’t see us going back down to the $20,000, $18,000 lows in Bitcoin,” Tapiero said. “I think we’re in the second inning of this bull market.”
Tapiero noted that there could be a short-term correction for Bitcoin, but he doesn’t believe it will be anything major.
“We’re just getting started here,” he said.
Bitcoin is currently trading at $51,547, a marginal decrease during the last 24 hours.
2022 Was a Bad Year for Crypto, But the Future Looks Bright
Tapiero said that the future for Bitcoin and digital assets appears bright, despite the challenges the industry faced in 2022.
“Markets are discounting mechanisms, and I think that all the bad news that you could possibly have ever dreamed up happened in 2022,” Tapiero said. “I think you had a low in Q4 2022 that was relatively obvious.”
Tapiero said that he doesn’t believe there will be another FTX-like collapse in the crypto industry.
“I’m seeing a lot of really interesting information from companies and anyone that was having difficulty is now not – and we were not seeing that three years ago, two years ago,” he said.
Tapiero’s comments come as Bitcoin and other cryptocurrencies have been showing signs of recovery in recent weeks. Bitcoin has gained more than 20% since the start of the year.
