Famous economist Raoul Pal, who once served as a senior manager in one of the world’s largest financial institutions and later invested in the crypto money sector by establishing his own fund, is one of the important names in the sector. The millionaire investor made very positive comments first about Bitcoin and then about Ethereum and seems determined to continue these.
Cryptocurrency Sector Can Be Valued By 6 Times
In a chart he shared today, the analyst revealed that he thinks the cryptocurrency market can achieve an incredible rise in the coming months. Pal shared the current total market cap, stating that it is about to move from an oversold category to an overbought category. In the continuation of this, the experienced name, who stated that the whole sector could gain 3 times in value until the end of the year and 6 times until the next year, pointed out that technically the value of the crypto money sector could reach 12 trillion dollars.
This is total market cap. It is likely ready to move from 2 standard deviation oversold vs trend to overbought. That looks to me that the entire space can 3x into year end and 6x into next year ( I think the cycle extends). pic.twitter.com/BwLayLvbj1
— Raoul Pal (@RaoulGMI) October 2, 2021
In such a rise, Bitcoin can increase the total market value to 6 trillion dollars, that is, it can be valued 6 times more. It seems possible for ETH to accompany this with 2 trillion dollars.
Pal added that he is quite happy with the current situation and that everything seems “overly bullish”. Exactly after these statements, BTC rose by more than 2% in 24 hours and saw $ 49,000 again. BTC is currently advancing to $50,000, and breaking it could once again turn all directions back to BTC.
*Not investment advice.