Bitcoin price could rise by 80% by the end of the year – predicts Raoul Pal
The world of cryptocurrency is currently experiencing a surge of interest and investment, largely due to the global banking crisis. This crisis has raised concerns about the stability of traditional financial systems, prompting many investors to turn to cryptocurrencies, with Bitcoin being the most prominent among them.
Will Bitcoin Reach $50,000?
This increase has led many analysts to change their previously bearish outlook to a more optimistic one, with the Real Vision CEO predicting an 80% increase in Bitcoin’s value. As reported by the media, the ongoing banking crisis could fuel this rally, making cryptocurrency an increasingly popular choice for investors.
Macro guru Raoul Pal has recently updated his view on Bitcoin, predicting that the cryptocurrency will reach $50,000 in value. In an interview with Anthony Pompliano, Pal expressed his optimism about Bitcoin’s potential, but also warned against excessive hype.
He disagrees with Balaji Srinivasan, a former chief technology officer at Coinbase, who recently predicted that Bitcoin would reach $1 million within 90 days.
Insights into the cryptocurrency market
Raoul Pal in his analysis compares Bitcoin’s current performance in 2023 with past performance in 2013 and 2019. He suggests that Bitcoin’s performance in 2023 is more likely to resemble the 2013 bull market than the 2019 correction.
Pal predicts that the ongoing banking crisis will lead to increased liquidity from the Federal Reserve, which has historically resulted in strong Bitcoin performance. In other words, the market may experience an increase in Bitcoin prices due to the influx of liquidity.
Pal notes that Bitcoin has historically retreated when liquidity exits the system, but it continues to rise. Therefore, he believes there is a potential for Bitcoin and the entire crypto market to be “shockingly strong” in 2023.
While the United States is currently facing significant difficulties, other countries are also experiencing similar economic challenges. Pal believes that this global trend will continue to fuel the growth of cryptocurrencies.
Interestingly, Pal also recently predicted that Ethereum would eventually overtake Bitcoin in value. He expects an upcoming breakout for Ethereum that will leave Bitcoin behind.
At the time of writing, the price of one bitcoin is $27,981. And it will be interesting to see the price rise in the next few months before the halving in 2024.
Bank Crisis, Fed Liquidity, Bitcoin Urge Next?
It remains to be seen whether Pal’s predictions come true, but his insights provide valuable perspectives on the cryptocurrency market. What do you think? What is your realistic target for Bitcoin’s value by mid-2023?
