Former Goldman Sachs executive Raoul Pal believes that a deluge of capital will likely flow into crypto as the altcoin markets gear up for a potential breakout.
The macro guru tells his 997,100 Twitter followers that he’s keeping a close watch on TOTAL3, a chart that tracks the total market capitalization of crypto assets excluding Bitcoin (BTC) and Ethereum (ETH).
According to Pal, TOTAL3 looks bullish as it trades close to the apex of a falling wedge structure, and a breakout could send the total market capitalization of altcoins above $4 trillion.
“Gorgeous Chart Alert!
I keep staring at this chart…
It is one of the most bullish and perfect charts I’ve ever seen, and the measured objective is well over $4 trillion.
Total crypto market cap (ex BTC and ETH).”
At time of writing, TOTAL3 is trading at around $332.65 billion. A move to $4 trillion suggests an upside potential of more than 1,100%.
As for the market cap of all crypto assets, Pal thinks that it could surge to $10 trillion.
Late last month, Pal said that he expects crypto to be one of the fastest horses that will likely outperform all other asset classes as global liquidity rises.
He also said that BlackRock’s filing for a spot Bitcoin exchange-traded fund could attract fresh capital into the nascent space.
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