Former Goldman Sachs executive and Real Vision CEO Raoul Pal is predicting a new surge in crypto markets. Speaking to Ash Bennington, Pal says that the markets could possibly enter a “final crazy” phase. He said:
“The chart I think is the most important chart right now is the chart of ETH versus BTC. It’s currently at 0.074 BTC. At 0.08 it breaks out of this lovely pennant pattern and a larger basing pattern that goes for years. It looks like its performance will double versus Bitcoin.
Ethereum as of today is up 480% this year and Bitcoin is up 100%. That tells you something crazy is about to happen in crypto markets. Does that mean other tokens outperform Ethereum? Probably. It feels like we’re getting close to the final crazy phase that often happens.”
The macro guru believes that the current bull cycle will last longer later than most people expect, noting that there is not that much institutional activity yet on the markets. Ethereum, Pal notes, is currently at a sweet spot and could lead the next part of the bull market.
“How long [the bull market cycle] goes on for, I’ve got a different view on that. I’ve talked about it before: there’s a lot of institutional allocation that’s going to come in January, February, March, new hedge fund PNLs all coming in. I think this cycle extends much further than people imagined and goes much higher in price.
But we’re right in the sweet spot for what traditionally would be a very strong market and ETH should be the leader.”
In September, Pal already hinted that Q4 of 2021 was going to be fireworks:
“…and you want to catch the right bus. My bet is that the crypto bus is a rocket ship and not a bus. And this last quarter will be extraordinary.”
At the moment, Bitcoin and Ethereum are trading at $56,266.67 and $4,124.26 respectively according to CoinMarketCap data.
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