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Real Vision Finance co-founder Raoul Pal says a $1 million price tag on Bitcoin could be in the cards for this BTC bull cycle.
In an interview with Peter McCormack on the What Bitcoin Did podcast, the former Goldman Sachs executive says that the seven-figure mark is his peak bull cycle target for the flagship cryptocurrency if the BTC chart goes parabolic to the extent it has in previous cycles.
“I’ve peaked at a million but not for this cycle, but it’s possible that we overshoot. So I just use the regression line and used the trend of the [logarithmic] scale, and basically it says somewhere between PlanB’s [stock-to-flow model prediction] and $400,000 is right, but it could actually hyperextend to get as high as it did from the trend in 2013 which would give us $1 million. So I think it’s skewed slightly higher than people expect so I don’t think it gets to $1 million but we’ve got institutions coming in, who knows how this dynamic changes.”
The macroeconomics expert foresees some key hurdles that Bitcoin will have to overcome in its path towards its cycle top, including Coinbase’s initial public offering (IPO).
“The other thing for people to bear in mind is that there’s a couple of price hurdles that are coming up that people haven’t thought through. The first one is Coinbase’s IPO. If you are an institution who wants to buy Bitcoin and you’ve got to get through all this rigmarole to get it signed off and the Coinbase IPO comes out and it’s a $60 billion company, and you can stick a few billion in, it’s a good enough proxy for a while. So my guess is that it’s going to take out a lot of demand from institutions in the short term.”
Pal also highlights a key level as a potential psychological price barrier where many BTC investors will choose to take profits.
“The next big thing after that, I think $100,00 is going to be an issue because a lot of people got in at around $10,000. A lot of people have made 10 times their money and $100,000 is a round number, and people think, ‘Let me take half my chips off the table’ so I think we might see a longer correction.”
Pal predicts Bitcoin will reach that $100,000 range this June, a level where he expects a lot of profit-taking to happen.
In other trending Bitcoin News today:
Bitcoin Price Rally to $61,800 Shows BTC Bulls Are In Full Control
On March 13 bulls took full control of the crypto market as Bitcoin (BTC) price vaulted to a new all-time high at $61,844 after a high volume surge pushed the price through overhead resistance near $58,000.
Analysts had spent the week calling for an eventual move above the $60,000 level and social metrics showed bullish sentiment for Bitcoin continued to increase as a number of companies and institutional investors announced plans to make BTC purchases.
Bitcoin now finds itself in the realm of price discovery as there is limited data available from a technical analysis standpoint to determine where the price may go next.
One possible price target was highlighted in a recent report from Decentrader co-founder Philip Swift, who is now looking at the 1.618 fib extension ($70,000) as the next take profit level.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
💥💥💥 “The people that lost a lot of wealth in 2008, primarily people of color are now getting raked over the coals again through this inflationary pass at their assets. Again, remember #bitcoin is unconfiscatable…” – @MaxKeiser
— Crypto News Alerts 🔥🎙 (@CryptoNewsYes) March 13, 2021
Russell Okung announced in December he was converting half of his $13M salary into Bitcoin.Bitcoin was $27,000.
Now, with the price at $61,000, @RussellOkung turned his $13M annual salary into over $21M.
This increase makes Okung one of the 30 highest-paid NFL players today. pic.twitter.com/xXX970Ng8H
— Joe Pompliano (@JoePompliano) March 13, 2021
They only reason that you think $61k per #bitcoin is expensive is that you haven’t seen $610k per #bitcoin. If you had, you’d think $61k is a deep discount. If you make decisions based on past prices you’re going to make mistakes, instead look at the fundamental value of #bitcoin
— Pierre Rochard (@pierre_rochard) March 13, 2021