In a recent market update, macro analyst and institutional crypto veteran Dan Tapiello said that Bitcoin is still in the mid-stage of the current bull market cycle.
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- Dan Tapiello argues that Bitcoin is in the midst of a bull market and is likely to catch up with gold and silver after lagging behind precious metals despite strengthening fundamentals.
- He points to NYSE and Nasdaq listings, the upcoming Kraken IPO, crypto fund floats and M&A as keys to legitimizing the sector and unlocking new institutional liquidity.
- Tapiello highlights the US-led “Americanization of cryptocurrencies,” the rapid growth of stablecoins, and predictions of Bitcoin, gold, and silver as drivers of a large US-centered crypto capital market.
Tapiello suggested that Bitcoin (BTC) is likely to catch up with the precious metal's significant rally in 2024, noting that the price of BTC relative to gold has remained unchanged since 2021 despite substantial fundamental developments in the digital asset sector.
The Bitcoin/blockchain/digital asset bull market is still in its mid-stage.
The unchanged price relative to gold since 2021 is inconsistent with the vast number of positive fundamental developments in the digital asset ecosystem since then.
It is true that short-term interest rates were low in 2021, but space…
— Dan Tapiello (@DTAPCAP) December 23, 2025
Bitcoin analyst Dan Tapiello says BTC is in a 'mid-cycle' bull market
The analyst cited increased maturity, diversification, and revenue generation in the crypto space compared to 2021 levels. Tapiero said the entry of successful private digital asset companies into traditional financial public markets would unlock new sources of liquidity.
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Tapiello noted that listings on the New York Stock Exchange and Nasdaq bring legitimacy to the sector by validating accounting standards, record-keeping and governance practices. The analyst mentioned Kraken's upcoming initial public offering, along with four to five other prominent crypto fund companies preparing for the public market amid increased M&A activity.
The investor highlighted the growing political support for cryptocurrencies in Washington, D.C., and described what he called the “Americanization of cryptocurrencies” as an emerging trend. Mr. Tapiello said the U.S. stock market capitalization is now 65% higher than Europe and Asia combined, while many European stock markets remain below 2008 levels. The analyst said the Nasdaq has risen more than 10 times since 2008.
Tapiello predicted that additional global cryptocurrency and blockchain businesses will access U.S. financial markets through special acquisition companies, reverse takeovers, and initial public offerings. The analyst cited a significant increase in stablecoin trading volume (mainly USD denominated) from virtually zero five years ago, along with favorable regulatory conditions for innovation.
The investor estimates that there are currently 5-10 significant public crypto and blockchain companies, and predicts that at least 50 more will enter the public market within five years.
Tapiello provided price predictions for silver, gold, and Bitcoin, but available information does not reveal specific target numbers.
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