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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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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:
When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins.#BNB 🔥 in a few days!
Not financial advice!
— CZ 🔶 Binance (@cz_binance) April 11, 2021