DaVinci, known for his early adoption of Bitcoin and his emotional support of the cryptocurrency, has positioned himself as a leading figure within the crypto space.
Amid the recent market pullback, notable cryptocurrency enthusiast and YouTuber Jeremy DaVinci has sparked optimism in the Bitcoin community.
DaVinci’s analysis revolves around a technical indicator, Bollinger Bands, which suggests a possible rebound in Bitcoin’s price trajectory.
Where is Bitcoin Headed?
According to DaVinci, Bitcoin has closed above the upper Bollinger Bands indicator for two consecutive months, a pattern that has historically preceded major price increases. From past events, DaVinci hints at the possibility of Bitcoin price doubling within three months of this setup.
With his latest forecast, DaVinci projects that the price of Bitcoin will potentially exceed $130,000 in the next three months. This bullish prediction aligns with similar sentiments echoed by other market experts, further supporting optimism among Bitcoin investors.
On April 9, DaVinci posted the following on X:
“Things are looking very interesting now. Bitcoin just closed two months above the upper Bollinger Band! Historical data shows that whenever this happens, Bitcoin’s price has doubled within three months.”
Bitcoin Offers More Upside Potential
Bitcoin, despite hitting a series of all-time highs over the past month, is said to have even more upside potential even after corrections.
Although Bitcoin price predictions are not linear, it is emphasized that bullish projections can be supported through market triggers. In particular, it is suggested that factors such as the Bitcoin spot ETF market and the upcoming Bitcoin halving event could support the rise in Bitcoin price.
Macroeconomic Factors That Will Drive the Rise of Bitcoin
Adding to the bullish Bitcoin sentiment, prominent investor Dan Tapiero has expressed his bullish outlook for the leading cryptocurrency. Tapiero, known for his investment expertise and founding roles at Gold Bullion International and 10T Holdings, highlighted an important macroeconomic factor driving Bitcoin’s potential rise.
According to Tapiero, the correlation observed in the market points to concerns about “monetary devaluation” fueled by a substantial increase in the Treasury bond market over the last five years. Tapiero’s bullish stance focuses on Bitcoin’s unique scarcity as a digital asset, emphasizing its potential to outperform traditional assets like gold.
On April 7, Tapiero posted the following on X:
“Most remarkable macro correlation break I’ve seen in some time. Suggests extreme concern about monetary debasement driven by 60% Treasury mkt increase past 5yrs. Theme not yet widely subscribed. Bullish GOLD and more so when rates drop. Vaults Bitcoin to 200k+”
While acknowledging the favorable prospects for gold in such a scenario, Tapiero remains particularly optimistic about the future trajectory of Bitcoin’s price. His forecast hints at the possibility of Bitcoin surpassing the $200,000 mark, offering investors the opportunity to make substantial profits on digital gold.
The asset has shown resilience amid these speculations and predictions about the possible BTC price rally in the coming months. While Bitcoin has plunged almost 5% in the last 24 hours, it has traded above $69,000 more recently.
Hayes Shares His Vision on Bitcoin Halving
In other news, a few days ago a prediction about Bitcoin came from Arthur Hayes, who mentioned that there could be a pullback in the price of BTC before and after the Bitcoin halving. Hayes emphasized that the halving of Bitcoin, the flagship of cryptocurrencies, would bring significant increases in the medium term.
Experts are attempting to predict which direction Bitcoin will move within the rapidly changing economic landscape, while investors continue to assess market opportunities during this period.
By Leonardo Perez
