Bitcoin has seen an explosive in the past seven days. According to data from Coin Market Cap, the leading cryptocurrency has literally gained 21% in the past week – one of the best weekly performances in a few months.
BTC Chart from TradingView.com
Despite this impressive performance, analysts see this competitive market even more on the upswing.
Related reading: Crypto Tidbits: Ethereum up 20%, US banks can hold BTC, DeFi still in Vogue
Bitcoin is on the verge of a very big upward trend
Dan Tapiero – co-founder of 10T Holdings, DTAP Capital and other companies – expects Bitcoin and gold to experience strong “upward moves” soon.
He shared this feeling in a tweet that was released on August 1 when he divided This Bloomberg chart suggests that the US dollar could crash against the Japanese yen:
“Crazy chart below suggests a 25% decline in #USD versus yen. Would be a big surprise, but in line with the coming very big upward moves from #GOLD and #bitcoin. Would mean several years of 0 US inflation, 0 installments. So much yen strength would require more BoJ stimulus to maintain balance. "
If the US dollar falls against foreign currencies, Bitcoin and gold should benefit in a similar way as they recovered as the dollar index has collapsed in recent weeks.
The feeling mentioned above is Tapiero's latest comment on the upcoming rally for both gold and BTC. He previously said that given the huge amounts of money led by central banks and the low interest rates, the hard money mentioned above makes more sense as an investment.
Related topics: Coinbase focuses on DeFi to list 19 new crypto assets
Other prominent analysts agree
Tapiero's contemporaries in the investment world agree with his optimism about Bitcoin and gold.
Raoul Pal – a macro investment veteran who currently operates Real Vision and Global Macro Investor – recently commented in several interviews and tweets that Bitcoin will do very well in the coming years.
The investor said in interviews that he sees a real chance that the financial system will collapse in this upcoming cycle due to demographic trends and other factors.
For Pal, bitcoin is a “call option” when the system breaks down and the world accepts something new and digital.
Mike Novogratz, managing director of Galaxy Digital and former partner of Goldman Sachs, has also considered the medium-term outlook for Bitcoin.
As NewsBTC reported earlier this week, he expects BTC to reach $ 20,000 this year as central bank money pressure continues to drive liquidity and increase scarce assets.
Related Reading: The unexpected factor that suppressed the BTC bulls in 2019 is now over
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analyst: Bitcoin Price Could Soon See a "Very Large Upmove"