Former Goldman Sachs executive Raoul Pal believes that the crypto bull market cycle has only just begun despite the large digital asset gains of 2023.
Pal tells the 22,000 subscribers of his YouTube channel that the bull market cycle could last for years and cause Bitcoin (BTC) to potentially soar to a high of $1 million by 2025.
“Here’s the chart, the long-term chart of Bitcoin since 2013. Some people use this chart longer term. I used to, but the early cycle was so kind of ridiculous that it screws up the chart. Other than that, it’s actually a perfect log (logarithmic) trend.
And as you know, we think the business cycle peaks sometime in the end of 2025 and that would suggest a crazy sort of target that could get somewhere between half a million and a million dollars in Bitcoin. Do I expect that? Probably not, but who the hell knows right?”
Pal suggests the current bull market cycle is similar to the 2016-2017 cycle when a huge influx of liquidity sent digital assets higher. He also says that even though Bitcoin and other altcoins have had strong rallies at the end of 2023, he believes that the current bull market cycle is in its infancy.
“These cycles can be crazy and this one feels more like the 2016-17 cycle than it does the prior cycle. And that cycle didn’t have a lot of central bank printing, not in the US. But central bank balance sheets were rising. We saw 20% growth of liquidity. And what happened was crypto absolutely exploded. I kind of feel like that’s the case. I don’t focus on the end target. I focus on the structure. But I’m just showing you the magnitude of the opportunity. And we’re still at one standard deviation oversold. It’s all to play for. We’ve barely started.”
Bitcoin is trading for $43,482 at time of writing, up 3.1% in the last 24 hours.
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