Raoul Pal, a well-known finance expert and former Goldman Sachs executive, is predicting a significant Bitcoin price increase soon. He believes Bitcoin is on the verge of a major upswing.
Bitcoin and Global Money Supply: A Key Connection
Pal’s prediction is based on his observation of the global money supply (M2) and its relationship with Bitcoin’s price. He claims Bitcoin’s price movements lag behind changes in global M2 by about 10 weeks. He’s noticed a recent sharp rise in global M2, leading him to believe a Bitcoin rally is just around the corner. He tweeted, “The waiting game is almost over…the 10-week lead is my preferred.”
Differing Opinions, Similar Outcomes
While Pal points to a 10-week lag, Julien Bittel, head of macro research at Global Macro Investor (GMI), suggests a 12-week lag. Despite the slight difference in timing, both experts agree that Bitcoin is poised for a price increase after a recent correction. Bittel expects Bitcoin to hit a local bottom this week before rising.
Pal’s Long-Term Bitcoin Price Predictions
Pal previously predicted a “regular correction” in the crypto market, which he believes is almost over. He remains bullish on Bitcoin’s long-term prospects, predicting a market cycle top of at least $210,000. He even suggests prices could potentially reach $412,000 or even $805,000. This prediction is based on technical analysis using a logarithmic regression channel, a tool used to visualize long-term price trends.
Current Market Conditions
At the time of writing, Bitcoin is trading around $82,500, slightly down for the day.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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