It has been just revealed the fact that the macro guru Raoul Pal is addressing the bullish future of Bitcoin. Check out the latest reports below.
Bitcoin new price prediction is out
Raoul Pal, a former Goldman Sachs executive, has identified a signal that has preceded significant Bitcoin (BTC) rallies five times in the past.
According to his blog post, Bitcoin’s 30-day historical volatility has fallen below 20 for the first time this year. Pal believes that this drop in volatility has historically set the stage for Bitcoin to make a massive surge in the coming months.
“After a strong start to the year (60% to 100% rises), the crypto markets have been completely dead over the summer…
This 20-level has always produced huge moves over the subsequent two to four months…
April 2016: +83% in two months
October 2016: +85% in two months
March 2019: +214% in three months
July 2020: +102% in four months
January 2023: +85% in three months.”
He is also closely monitoring the Bollinger Bands, a prominent volatility indicator. Bitcoin’s Bollinger Bands are currently extremely tight, hovering near the 20 level.
This situation is unprecedented, with only one other instance in history, back in April 2016, where Bitcoin was below 25. It’s worth noting that during that time, Bitcoin rallied an incredible 44 times into the 2017 high.
2019 Bitcoin performance is mirrored
According to Inmortal, Bitcoin’s current price action resembles that of its performance in the latter months of 2019. During that time, BTC broke below its support level of around $10,000 and dropped to as low as $6,000.
The trader predicts that BTC will initially fall below $24,000 before rallying towards the $30,000 price range.
However, the chart also indicates that this rally will be followed by a sharp pullback to the $21,000 level.
As of now, Bitcoin is being traded at $26,063. In terms of Ethereum (ETH), the analyst foresees that the leading smart contract platform will trade within an ascending triangle pattern in the coming months before breaking out at the beginning of 2024.
