Bitcoin has seen an explosive past seven days. Per data from Coin Market Cap, the leading cryptocurrency has literally rallied 21% in the past week — one of the best weekly performances in some months.
BTC Chart from TradingView.com
Despite this impressive performance, analysts are still eyeing even more upside for this embattled market.
Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, DeFi Still in Vogue
Bitcoin Is on the Verge of a Very Large Upmove
Dan Tapiero — the co-founder of 10T Holdings, DTAP Capital, and other firms — is expecting Bitcoin and gold to soon undergo strong “upmoves.”
He shared this sentiment in a tweet published on August 1st, when he shared this chart from Bloomberg suggest the U.S. dollar could crash against the Japanese yen:
“Crazy chart below suggesting 25% drop in #USD vs Yen. Would be major surprise but consistent with the coming very large #GOLD and #bitcoin upmoves. Would portend several years of 0 US inflation, 0 rates. So much yen strength would require more BoJ stimulus to counterbalance.”
If the U.S. dollar dives against foreign currencies, Bitcoin and gold are likely to benefit in a similar way to how they rallied as the Dollar Index has crashed over recent weeks.
The abovementioned sentiment is Tapiero’s latest comment on the upcoming rally in both