Former Goldman Sachs employee and founder of Real Vision, Raoul Pal, has suggested that despite the significant rise in 2023, the bull market cycle for cryptocurrencies is just beginning. Pal made a bold prediction for Bitcoin (BTC), implying that a surge to between $500,000 and $1 million is possible, though he also expressed skepticism about such a dramatic increase.
In a YouTube broadcast, Pal discussed the potential longevity of the bull market cycle, which could last for years, and pointed to Bitcoin’s potential rise to $1 million by 2025. He referenced Bitcoin’s long-term price chart since 2013, highlighting the consistent logarithmic trend and the possibility of reaching a peak by the end of 2025.
Pal drew parallels between the current bull market cycle and the 2016-2017 cycle, which saw a 220% increase driven by significant liquidity flows into digital assets. He observed that despite strong rallies in Bitcoin and altcoins at the end of 2023, the current cycle is still in its infancy.
The investor noted that these cycles can be wild and that the current one resembles the 2016-17 cycle, which was not dominated by central bank pressures, particularly from the U.S. However, he mentioned that central bank balance sheets were continuously growing, leading to a 20% increase in liquidity followed by a sharp rise in the crypto market.
Pal feels that the situation might unfold similarly again. He emphasized that he is not focusing on the ultimate goal but on the structure of the market, aiming to demonstrate the magnitude of the opportunity, and indicated that the journey has just begun.