Former Goldman Sachs executive Raoul Pal warns of cryptocurrency gains in 2023 crypto- He is of the opinion that the bull market cycle is just beginning.
Pal explains on his YouTube channel that the bull market cycle can last for years and BitcoinHe says it could potentially cause (BTC) to rise to $1 million by 2025.
“Here is the chart, the long-term chart of Bitcoin since 2013. Some people use this chart for longer term. I was using it too, but the early loop was so ridiculous it broke the chart. Other than that, it’s actually a perfect log trend.
As you know, we think the business cycle will peak at the end of 2025. This points to a crazy target that could reach somewhere between half a million and a million dollars in Bitcoin. Am I expecting this? Probably not, but who knows, right?”
Koinfinans.com As we reported, Pal suggests that the current bull market cycle is similar to the 2016-2017 cycle, where a massive influx of liquidity sent digital assets higher. Additionally, Bitcoin and other altcoinHe says he believes the current bull market cycle is in its infancy, although currencies have made strong rallies at the end of 2023.
“These cycles can be crazy, and this cycle looks more like the 2016-17 cycle than the previous cycle. There wasn’t a lot of central bank pressure in the US that cycle. But central bank balance sheets were rising. We saw liquidity increase by 20%. And what happened, crypto absolutely exploded. I think that’s the case too. I don’t focus on the end goal, I focus on the structure. But I’m just showing you the magnitude of the opportunity. And we are still one standard deviation oversold. We just get started.”
Bitcoin is trading at $43,482 at the time of writing and has increased by 3.1% in the last 24 hours.