Raoul Pal, an ex-Goldman Sachs bigwig, is pretty optimistic about cryptocurrencies, especially Bitcoin. He’s got a massive prediction for its future. Speaking to his YouTube followers, which are over 22,000 strong, Pal believes we’re just scratching the surface of the crypto bull market. Even with the impressive gains in 2023, he thinks this is just the beginning.
Pal shared a chart tracing Bitcoin’s journey since 2013. He used to include the earlier cycles in his analysis, but now he thinks they’re too wild and throw off the trend. But if you look at the chart as it is, he says, it shows a solid logarithmic trend. Pal’s hunch is that the business cycle will peak around the end of 2025. And that could send Bitcoin’s value skyrocketing, possibly reaching between $500,000 and $1 million. It’s a bold guess, and even he’s not betting his house on it, but hey, in the crypto world, anything’s possible, right?
Pal draws parallels between the current market and the 2016-2017 cycle, when a surge in liquidity boosted digital assets. Despite the strong performance of Bitcoin and other altcoins at the end of 2023, he thinks this bull market is still in its early stages. He doesn’t focus too much on the end goal but rather on the overall market structure. For Pal, it’s all about the immense potential here, and with Bitcoin still undervalued, he believes there’s a lot more excitement to come.
At the time of this update, Bitcoin is valued at $43,482, marking a 3.1% increase in the last 24 hours.