It has been just revealed the fact that the macro guru Raoul Pal said that the crypto markets are getting ready for a run to new ATHs. Check out the latest reports about this below.
Crypto markets get ready to run to new ATHs
Raoul Pal, a former executive at Goldman Sachs, has stated that the crypto industry is showing signs of a bull run towards new all-time highs.
During a recent ask-me-anything (AMA) session, the Real Vision CEO and macro expert expressed that although there may be some short-term volatility, he expects digital assets to eventually reach record figures later this year.
Pal explained that the recent approval of spot market Bitcoin (BTC) exchange-traded funds (ETFs) and the upcoming halving event in April will likely drive the crypto market forward after leveraged positions have been liquidated.
“All of the preorders [for the ETFs] have now been filled – all of these ETF providers [have been] going to all of their clients, begging them ‘You need to do this’ – everyone’s done that. There’ll be some follow-on next week, a lot of the GBTC (Grayscale Bitcoin Trust) guys are unwinding, and some will wait a few days [to] see if the market is stronger [or] whatever, so that goes on for a while.”
The notes continued and said the following:
“You’ve then brought forward a lot of demand. By the end of it, maybe it’s a $1 billion, maybe it’s $2 billion of demand you’ll have brought forward, so then who’s the buyer? You’ve got the people who front ran this, who want to sell, so you’re going to see volatility and I’ve always reminded you guys in the ‘Do-not-f***-this-up’ mantra, part of that is expect 30%-35% pullbacks.
Could be less, but just expect them and that often happens when you get to this kind of 0.618 Fibonacci level in the first leg of the bull run. It often corrects sharply [and] people get washed out. Leverage is cleared out and then the real run starts, and the real run is the run to all-time highs and beyond. That usually starts around the halving, so I’m guessing there’s maybe a month or two of chop.”
