Dan Tapiero Says Bitcoin Bull Market Still in Early Stages

Macro investor Dan Tapiero believes Bitcoin is still in the early stages of its growth cycle, echoing PlanB’s view that the bull market is far from over. Speaking to his 134,800 followers on X, Tapiero argued that Bitcoin hasn’t even begun its real run yet — and that the chart is showing signs of a major breakout.

Good to know

• Dan Tapiero points to a cup-and-handle pattern in Bitcoin priced against gold.
• He believes BTC is on track for new price discovery and eventual seven-figure levels.
• Bitcoin trades at $114,126, up more than 4% on the day.

Tapiero shared a chart, which you can see in the post below, comparing Bitcoin to gold (BTC/XAU), highlighting a cup-and-handle formation, a technical setup that often signals an explosive move higher. According to him, the chart suggests Bitcoin is preparing to leave its consolidation phase and head into uncharted price territory.

“Wake up. Bull market in Bitcoin has not started yet. Same price in gold terms as five years ago. Massive cup and handle leads to new upside price discovery. 4% short rates too high, USD bear now, [Washington] D.C. reg wind at back, DATs (digital asset treasuries), ETFs, Stables, DeFi, RWAs, etc. New world.”

Tapiero listed eight bullish drivers for Bitcoin which are:

1. 4% short rates too high – creating pressure that supports alternative assets.
2. USD bear trend – a weakening U.S. dollar strengthens Bitcoin’s appeal.
3. Pro-crypto regulatory stance in Washington D.C. – policy tailwinds backing the industry.
4. Digital Asset Treasuries (DATs) – growing adoption of blockchain-based treasury models.
5. Exchange-Traded Funds (ETFs) – expanding institutional access to Bitcoin.
6. Stablecoins (Stables) – fueling liquidity and adoption in the digital economy.
7. Decentralized Finance (DeFi) – providing new use cases and demand for crypto.
8. Real-World Assets (RWAs) – tokenization of tangible assets boosting blockchain integration.

Looking further ahead, Tapiero even sees Bitcoin reaching $1 million within 10 years. He argued that such a valuation — about $20 trillion — would only represent 2% of global assets, leaving plenty of room for adoption.

“Imagine. Physical gold only being re-monetized for real now. Bitcoin as digital gold still just narrative. TradFi far away from actually implementing narrative. Yes. It is still that early.”

At the time of writing, Bitcoin trades at $114,568, showing a 0.3% daily gain. Tapiero also noted that the current digital asset landscape is vastly different from seven years ago, when many of today’s pillars of the industry — stablecoins, NFTs, DeFi platforms, Solana, and even AI-powered protocols — did not yet exist.