Macro investor Dan Tapiero remains convinced that Bitcoin (BTC) is on track to reach $180,000 as part of its current bull cycle, but warns that a major correction could follow once the rally peaks.
Despite recent risk-off sentiment and heavy selling from long-term “OG whales,” Tapiero insists the bull market remains intact. “I think the macro backdrop is still positive,” he said in an interview with Cointelegraph.
According to Tapiero, the latest all-time high didn’t fully reflect the “fundamental improvements” in Bitcoin’s ecosystem or the increasingly favorable macro environment supporting digital assets.
He points to the rise of stablecoins, institutional adoption and clearer regulation as evidence that the space has matured significantly.
However, Tapiero cautions that Bitcoin’s boom-and-bust cycle is far from over. Even in a more liquid and developed market, deep corrections remain a natural part of the rhythm.
“That’s not the way markets work,” he explained. “Bitcoin and ETH went down 90% in 2018. I’m not saying we’re going to go down 90%. I’m saying we can go down 70%.”
Still, his long-term outlook is deeply bullish. “If you have a 10-year view,” Tapiero said, “Bitcoin minimum should do $1 million over the next 10 years.”
To find out more about Tapiero’s case for a prolonged bull market and how to recognize the next bear phase when it comes, watch the full interview now on Cointelegraph’s YouTube channel.
Related: Bitcoin sees key $107K rejection: Watch these BTC price support levels next