Investor Dan Tapiero Says Bitcoin Primed To ‘Launch’ if BTC Breaks One Major Resistance Level
Investor Dan Tapiero says that Bitcoin ( BTC ) is setting up for a breakout after printing a massive bullish technical pattern.
Tapiero says that Bitcoin is forming a large, years-long cup and handle structure that is setting BTC up for a breach of the March 2024 highs at $74,000.
A cup-and-handle formation is typically viewed as a bullish continuation pattern, suggesting that an asset is taking a breather after a steep rally before taking out a key resistance level.
But according to Tapiero, Bitcoin can still go through a period of sideways consolidation before witnessing a convincing breakout.
“If that ain’t a cup and handle, I don’t know what is.
Just a great day today across the board.
Stronger payrolls and liquidity-driven BTC and ETH still trading well.
Break of the March highs and we launch. Could still do a little chop chop but days like today confirm…
[Ethereum] has achieved network effect. Only BTC and ETH are in this category, but SOL is moving in this direction as well. This is not an emotional appeal. I’m just looking at usage, revenues, community build, years in existence etc.”
Source: Dan Tapiero/X
Tapiero expects crypto staking, which typically offers higher yields compared to traditional financial products, to be a key component for the next bull market.
“Powerful driver of this crypto up cycle will be yield (yes, again).
3% on staked ETH now better than 2% on euro two-year, 1.4% on China two-year.
US two-year at 3.7% but expect 2% next year.”
The investor adds that China has opened the liquidity floodgates to stimulate its economy. According to Tapiero, the move is a huge bullish catalyst for Bitcoin.
“Huge macro event.
Things so bad in China, the government flinches.
QE (quantitative easing) for China equity.
Rate cuts.
Big liquidity coming.
Low likely in for China assets.
Bazooka.
Bullish gold, BTC.”
At time of writing, Bitcoin is trading at $63,648, up 3% in the past day.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
European shippers pause U.S. deliveries ahead of de minimis rule change
Share link:In this post: European postal carriers are halting U.S. shipments due to new customs rules ending the de minimis exemption. Germany, Spain, France, Belgium, and others say their systems can’t handle the new U.S. requirements. DHL, Correos, and La Poste confirmed suspensions, with no clear restart date given.
U.S. margin debt hits new all-time high $1.02 trillion as leverage fuels rally
Share link:In this post: U.S. margin debt hit a record $1.02 trillion in July after rising $14.6 billion, following June’s $87 billion surge. S&P kept the U.S. credit rating at AA+ as Trump’s tariffs help offset massive new tax cuts from the One Big Beautiful Bill Act. A federal court may strike down key reciprocal tariffs, which could wipe out $300–400 billion in yearly revenue.
US could escalate Europe trade tensions with sanctions over EU tech law dispute
Share link:In this post: The Trump administration is contemplating sanctions against EU officials implementing the Digital Services Act. Washington is citing concerns over censorship of American voices and increased costs for U.S. tech companies. This move could escalate tensions between the U.S. and the EU, after tariff threats and regulatory disputes have strained relations.
Bitcoin futures demand rises even as BTC sells off: What gives?
Trending news
MoreCrypto prices
More
