It’s been just revealed that the macro guru Raoul Pal is addressing the bullish outlook on Ethereum. Check out the latest reports ahead of the Merge below.
New reports on Ethereum’s price are out
Former Goldman Sachs executive Raoul Pal said that he’s very bullish on Ethereum (ETH) and the crypto markets. This is happening despite the uncertain price action unfolding in recent months.
In a new interview with crypto analyst Scott Melker, Pal explained the fact that crypto hedge funds who took big losses during the recent market turmoil are underweight ETH as The Merge – Ethereum’s transition to a proof-of-stake consensus mechanism – approaches.
Pal says that markets take the path of most pain, and for ETH right now, that means upward.
“I think everybody’s underweight The Merge still. People will get into the merge or post-merge, we’ll get this spike [and] we’ll probably get a pullback. A lot of people will say ‘See it’s going back to the low.’ My guess is it corrects sideways, does something, goes back into the range for a bit and then we explode higher.”
He continued and said this:
“So I’m very bullish right now. Short term, we’re getting close to overbought, but I think we just had a correction, and my guess is we go again. What’s fascinating is to see the forwards market and the futures markets is everybody’s hedging ETH merge risk so that buying ETH and selling futures now, somebody’s going to lift that hedge off at some point.”
Bitcoin optimistic prediction
Bitcoin is also surrounded by optimistic predicitons these days.
Tthe chief investment officer of crypto asset manager Bitwise Investments is unveiling his massive price target for Bitcoin (BTC) despite the ongoing bear market.
In a new Stansberry Research interview, Bitwise executive Matt Hougan explained the fact that Bitcoin could rally by over 2,273% from its current price of $21,062 as he believes BTC will come close to gold’s market capitalization of more than $11 trillion.