Bitcoin and Crypto on the Verge of Hitting the Best Part of Bull Cycle, Says Macro Guru Raoul Pal – Here’s Why
Macro investor and former Goldman Sachs executive Raoul Pal says Bitcoin and crypto are on the cusp of entering the part of the bull cycle where the markets trend higher.
In a new Crypto Banter episode, the macro guru says the digital asset markets are ready to move higher after a brutal corrective period in the last few months.
“We are in the teeth of the best part of the entire cycle. The price is going to go up regardless. We threw all the FUD (fear, uncertainty and doubt) at it over the summer. That was the 50% correction. Basically, the market’s been trading sideways in a volatile range since March for Bitcoin and May for the rest of the market. This is the point. If you look at all of the post-halving cycles, this quarter is where all the games are made.”
Pal also says he’s looking at a major catalyst that can push the crypto markets to greater heights next year.
“The big factor that people need to think about is how institutions allocate. It’s quarterly, and it’s annual. So we will see [in] this bull run everybody who hasn’t yet invested or wants to increase their weightings, that will come in jam and generally, every one with new shiny P and L (profits and losses), the hedge funds, too, allocate. I think January, February and March much more potential. It could go in as far as June.”
The Real Vision CEO adds that he’s keeping an eye on the TOTAL chart, which tracks the valuation of all crypto assets. According to Pal, the chart is trading within a long-term ascending channel and can potentially rally by as much as 400% by the end of the bull market.
“It basically is two standard deviations oversold versus the historical trend. That’s the total crypto market cap. So it looks like if you follow the trend and all of these exponential assets do the same thing, they get overbought [to the] top of the trend. My guess is this goes from $2 trillion to $8 to $10 trillion at the end of this cycle, and then we correct.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/SensVesctor/Vladimir Sazonov/Pixus
Go to Source
Author: Daily Hodl Staff