Bitcoin is mid-cycle bull: analyst

Macro analyst and institutional crypto veteran Dan Tapiero stated Bitcoin remains in the middle stage of its current bull market cycle, according to a recent market update.
Summary

• Dan Tapiero argues Bitcoin is in the middle of its bull market, likely to catch up with gold and silver after lagging precious metals despite stronger fundamentals.
• He cites NYSE and Nasdaq listings, upcoming Kraken IPOs, crypto fund floats and M&A as key to legitimizing the sector and unlocking new institutional liquidity.
• Tapiero highlights U.S.-led “Americanization of crypto,” rapid stablecoin growth and forecasts for Bitcoin, gold and silver as drivers of a larger, U.S.-centric crypto capital market.

Tapiero indicated Bitcoin (BTC) will likely catch up to the significant gains posted by precious metals in 2024, noting that BTC’s price relative to gold has remained unchanged since 2021 despite substantial fundamental developments in the digital asset sector.

Bull market in bitcoin/blockchain/digital assets still mid-stage.

Price unchanged vs gold since 2021 inconsistent with huge number of positive fundamental developments in the digital asset ecosystem since that time.

Yes, short term interest rates were lower in '21 but the space…

— Dan Tapiero (@DTAPCAP) December 23, 2025

Bitcoin analyst Dan Tapiero says BTC is ‘mid-cycle’ bull

The analyst cited increased maturity, diversification and revenue generation in the cryptocurrency space compared to 2021 levels. According to Tapiero, the entry of successful private digital asset companies into traditional finance public markets will unlock new liquidity sources.

Tapiero noted that listings on the New York Stock Exchange and Nasdaq provide 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 public markets, while mergers and acquisitions activity increases.

The investor emphasized growing political support for cryptocurrency in Washington, D.C., describing what he termed the “Americanization of crypto” as an emerging trend. Tapiero stated U.S. equity market capitalization currently stands 65% higher than Europe and Asia combined, while many European stock markets remain at or below 2008 levels. The Nasdaq has increased more than tenfold since 2008, according to the analyst.

Tapiero projected additional global crypto and blockchain businesses will access U.S. financial markets through special purpose acquisition companies, reverse takeovers and initial public offerings. The analyst cited substantial stablecoin volume growth, predominantly in U.S. dollars, rising from essentially zero five years ago, along with favorable regulatory conditions for innovation.

The investor estimated five to ten significant crypto and blockchain public companies currently exist, projecting at least 50 additional companies will enter public markets within five years.

Tapiero provided price forecasts for silver, gold and Bitcoin, though specific target figures were not disclosed in the available information.