Raoul Pal, a financial expert, believes that the recent 20% correction in Bitcoin’s price is temporary. He predicts that the market will rebound and enter a period of intense euphoria known as the “Banana Zone.”
“Banana Zone” Rally
Pal has analyzed Bitcoin’s price movements over the past few years and identified a pattern that suggests a potential bull flag. He believes that once the market refreshes, the “Banana Zone” will kick in, leading to significant price increases.
This period is characterized by intense market excitement and the potential for parabolic growth. Pal predicts that the Banana Zone could begin towards the end of the year and continue into 2025.
Historical Patterns
Pal’s predictions are based on historical patterns. He points to previous Bitcoin rallies from $1,000 to $5,000 (2014-2016) and from $10,000 to $60,000 (2019-2020). Based on this, he suggests that Bitcoin’s price could skyrocket to a new all-time high of $300,000.
Altcoin Season
Pal predicts that after the “crypto spring,” a new season for cryptocurrencies will begin known as the “crypto summer.” This period will be marked by the rise of altcoins, or cryptocurrencies other than Bitcoin.
Pal believes that Ethereum will outperform Bitcoin during this time, while Solana will accelerate its outperformance. He also predicts that three or four cryptocurrencies will lead the altcoin season, with one emerging as the “Big new entrant.”
