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Macro guru investor Raoul Pal is suggesting that a seven-figure price tag on Bitcoin this bull run is not as unrealistic as crypto investors might think. In a new interview with Dr. Julian Hosp, the former Goldman Sachs executive says that from his perspective, the current BTC bull cycle looks a lot like the 2013 cycle, but is ahead of the 2017 cycle in terms of gains.
Based on the two previous cycles, Pal says that the “overbought” region where Bitcoin could hit a wall and correct is roughly at the $400,000 level. However, he also says if this level gets broken like it did the last two cycles, a $1,000,000 BTC would then be in the cards.
“For it to get to kind of one standard deviation overbought it’s about $400,000. But if it gets to two standard deviations where it got to the last two times, it’s $1,000,000.”
In other trending Bitcoin News today:
Binance Coin (BNB) Hits New All-Time High Reaching 37% of Ethereum’s Market Cap
As of Monday, BNB is valued at $87 billion at the price of just under $600. The valuation of Ether is hovering at around $246 billion, which is 2.8 times larger than that of Binance Coin.
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Show Notes / News Resources:
– Bitcoin Technical Analysis: https://bit.ly/2RoIVEd
– Binance Coin (BNB) New ATH: https://bit.ly/3wPGWZV
– $1M Bitcoin Prediction: https://bit.ly/324XNdf
DISCLAIMER: This is NOT financial advice. This is an entertainment and opinion-based show. I am not a financial adviser. I am not responsible for any investment decisions that you choose to make. Always do your own research and never invest what you cannot afford to lose.
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