Former Goldman Sachs executive Raoul Pal revealed that he sees a bright future for cryptocurrencies, predicting an upcoming bull market that will drive digital assets to new highs.
In a recent YouTube Q&A session, Pal shared his analysis of the current crypto market turbulence. He believes the recent approval of spot Bitcoin ETFs has created substantial new demand, with ETF providers aggressively encouraging client participation.
Pal estimates this demand could reach $2 billion. However, he cautioned that the accelerated timeline could also lead to short-term volatility, including potential 30-35% pullbacks.
He says these corrections often occur when markets hit key Fibonacci levels early in a bull cycle, washing out leverage before the real run begins.
Pal believes this next run will likely start around the Bitcoin halving in 2024, propelling cryptocurrencies to new all-time highs. For now, he expects 1-2 months of choppy consolidation as the market absorbs the influx of ETF buyers.
