Bitcoin is in the Mid-Cycle Bull Phase, Says Analyst

Summary: Macro analyst and veteran in the crypto space, Dan Tapiero, believes Bitcoin is currently in the middle of its bull market cycle. He anticipates that BTC will reflect the substantial gains observed in precious metals in 2024, even though its price relative to gold has remained steady since 2021.

Key Takeaways

Dan Tapiero suggests Bitcoin is in the mid-cycle of a bull market.
The price of Bitcoin compared to gold has not changed since 2021, despite notable developments in the crypto sector.
Increased maturity and diversification in cryptocurrency are paving the way for new liquidity sources.
Growing political support for cryptocurrency in the U.S. is an emerging trend.
Tapiero expects more public companies in the crypto space within the next five years.

Dan Tapiero outlines mid-cycle Bitcoin bull thesis

Bitcoin Analyst Dan Tapiero Highlights Mid-Cycle Bull Market

In a recent market update, Dan Tapiero, a macro analyst and seasoned figure in the cryptocurrency industry, expressed that Bitcoin is still in the middle phase of its ongoing bull market cycle. He pointed out that Bitcoin's price remains unchanged relative to gold since 2021, even with significant positive developments in the digital asset sector during that time.

"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."
— Dan Tapiero (@DTAPCAP) December 23, 2025

Increased Maturity and Revenue Generation

Tapiero referenced the growing maturity, diversification, and revenue generation within the cryptocurrency industry as key indicators of its evolution since 2021. He believes that as successful private digital asset firms venture into traditional financial markets, new sources of liquidity will become available.

The analyst noted that listings on prominent exchanges like the New York Stock Exchange and Nasdaq lend credibility to the sector. This legitimacy comes from improved accounting standards, record-keeping practices, and governance frameworks. He highlighted Kraken's upcoming initial public offering and mentioned that several other notable crypto fund companies are preparing for public listings, alongside a rise in mergers and acquisitions.

Political Support and Market Expansion

Additionally, Tapiero emphasized an increase in political support for cryptocurrencies within Washington, D.C. He referred to this phenomenon as the “Americanization of crypto.” The analyst pointed out that the market capitalization of U.S. equities now exceeds that of Europe and Asia combined by 65%, while many European stock indices are still at or below their 2008 levels. In contrast, the Nasdaq has surged more than tenfold since 2008.

Tapiero anticipates that more global crypto and blockchain businesses will enter U.S. financial markets using various methods such as special purpose acquisition companies, reverse takeovers, and initial public offerings. He also drew attention to the substantial growth in stablecoin volume, particularly in U.S. dollars, which has risen from nearly zero five years ago due to favorable regulatory conditions promoting innovation.

The analyst estimated that there are currently five to ten significant public companies in the crypto and blockchain sectors and projected that at least 50 additional firms will go public within the next five years.

While Tapiero shared his forecasts for the prices of silver, gold, and Bitcoin, he did not disclose specific target numbers in the available information.