Former Goldman Sachs Executive Predicts Bull Run for Crypto
Raoul Pal, a former executive at Goldman Sachs and the CEO of Real Vision, believes that the crypto industry is preparing for a bull run to new all-time highs. In an ask-me-anything (AMA) session, Pal stated that although there may be short-term volatility, he expects digital assets to surge to record levels later this year.
Factors Influencing the Bull Run
According to Pal, the recent approval of spot market Bitcoin exchange-traded funds (ETFs) and the upcoming halving event in April will contribute to the rise in cryptocurrency prices. The halving event will result in miner rewards being cut in half, which is expected to drive up demand for Bitcoin and other digital assets after leveraged positions are liquidated.
“Do-not-f***-this-up” Mantra
Pal warns that during this period of volatility, investors should expect pullbacks of around 30% to 35%. He advises being prepared for these corrections as they are typical when approaching the 0.618 Fibonacci level in the first leg of a bull run. However, once these corrections occur and leverage is cleared out, Pal believes that the real run to all-time highs and beyond will commence.
Crypto Market Update
At the time of writing, Bitcoin is trading at $42,953 with a slight decrease over the past 24 hours.
Hot Take: Crypto Industry Poised for Significant Growth
Raoul Pal, a former Goldman Sachs executive and macro guru, predicts that the crypto industry is on the verge of a major bull run. He highlights factors such as the approval of spot market Bitcoin ETFs and the upcoming halving event as catalysts for this surge. While short-term volatility is expected, Pal believes that after leveraged positions are liquidated, digital assets will experience a significant rally to new all-time highs and beyond. Investors should be prepared for pullbacks, but ultimately, the crypto market appears poised for substantial growth in the near future.
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