Macro investor and fund manager Dan Tapiero says he remains long-term bullish on Bitcoin (BTC) amid a correction that has seen the flagship crypto asset fall by around 24% from the all-time high recorded in January.

In a new interview on the Wolf of All Streets YouTube channel, Tapiero says that Bitcoin could appreciate by around 117% from the current level after a period of trading sideways.

“I always expected us to spend months consolidating around $100,000. I think we’re going to chop up back and forth between $70,000 and $100,000 to digest all this news. And at some point, we’re going to head back up. And I have had this $180,000 target in mind for a while.”

On when Bitcoin could reach the $180,000 price target, Tapiero says,

“I know some people have been more aggressive but I think this bull phase, we can hit that [$180,000] this year or potentially early next year. But I’m thinking more this year.”

According to Tapiero, Bitcoin has posted positive returns from its mid-2023 levels, urging investors to zoom out and not get caught up by the current correction.

“So it’s just the way markets work right – you got 85% or 90% bulls up at $100,000 and now you’re down at, what is it? 15%? And people are despondent, they think the world is over and yet it’s at $80,000 which is still up you know 2x, 3x from 18 months ago. It’s pretty, pretty incredible.”

Bitcoin is trading at $82,940 at time of writing.

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