Macro Guru Raoul Pal Updates Outlook on Bitcoin, Predicts BTC to Reach $50,000 – Here’s His Timeline

Real Vision CEO Raoul Pal updates his view on Bitcoin (BTC) after a massive rally amid US bank failures.

In a new Youtube interview with Anthony Pompliano, Pal predicts that Bitcoin could increase by almost 80% in less than a year.

Pal says he expects Bitcoin’s price to rise to as high as $50,000, in part from short selling squeezes, as people mistakenly bet on the royal crypt dropping in value.

A short squeeze occurs when traders who have shorted an asset decide to cut their losses in response to an unexpected price decline. The clamp then produces several rallies.

Pal also disagrees with a recent prediction by former Coinbase CTO Balaji Srinivasan that BTC will reach $1 million in just 90 days.

“[Srinivasan’s] got 0.0 chance of being right. But what he does is spend a million dollars or two million dollars on marketing which is an important concept. And I think that’s fine. I understand. My general thesis is that the market is going to be more pressured than people expect. So I think we’ll probably get to $50,000 sooner than most people expect. Is it this year? Is it within 12 months? Probably.”

Pal says he expects Bitcoin to eventually hit six figures, but doesn’t suggest when.

“Over time, does it take out $100,000, does it take out $250,000? Of course it does. It’s just a matter of when and the timing is the red herring. You know that if you have a long enough time horizon and the trend rate of adoption and the increase in the price of the asset over time beats all other assets, you are under no motivation to do anything other than hold.”

Bitcoin’s performance in 2023 is more similar to 2013 than 2019, which saw a correction, according to Pal. He says he expects the banking crisis to prompt the Federal Reserve to increase liquidity, which has historically led to strong Bitcoin performance.

“[Bitcoin] massively outperforms in the bull market and then pulls back when liquidity comes out of the system again, but it continues to rise. So yes, I think there is a potential setup here for Bitcoin, and the entire crypto market actually, to be shockingly strong, more like 2013 than 2019. 2019 we had the big correction…

This time I don’t think we’ll see it. I think we are going to see all the central banks fall into place because there are banking problems in both Europe and the US. And China has its own problems. So that they all have the same problem which is debt. They all need to stimulate. I think it’s more likely to play out like 2013, which is very squeezed, then sideways consolidation, then very squeezed.”

Bitcoin is trading at $27,981 at the time of writing.

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