Macro guru and Real Vision CEO Raoul Pal is leaning bullish on Bitcoin (BTC) as the flagship crypto asset hovers around 22% below the all-time high reached in January.
Pal tells his 219,000 YouTube subscribers in a new video that the “next part of the year” will be “very strong” for Bitcoin.
[adinserter block="1"]According to the macro guru, Bitcoin’s future price action is likely to mirror the bullish cycle that occurred after the second halving.
“2017, those of you who remember was an amazing year. And I think we’ll see something very similar. Bitcoin priced in those financial conditions which were leading by three months. Bitcoin’s already priced it all in. So it’s the worst news is in. My guess, probably up only.”
On the timelines for a bullish reversal for Bitcoin, Pal says,
“Basically, we’re turning the corner and we should start to see higher prices. And the higher prices will come quick. And the higher prices should take us all the way back to the highs pretty soon. Not soon like in a week or two, but soon like in a couple of months.
So I think what you’ve all had to go through is a boring sideways consolidation pattern, with a slight down-bias.
Your altcoins have been nuked, but nothing out of the ordinary. We saw this in 2017, we’ve seen it now and we are very very close to the turnaround.”
According to the macro guru, the crypto market’s bullish cycle is still at an early stage.
“We’ve barely started the cycle. So I know we all say it’s so early, nothing’s really happened yet. It hasn’t. We had phase one of the banana zone, which was the breakout of that consolidation range. This is the consolidation phase two, then we will get into the much more important banana zone phase two. It is all coming.”
A banana zone is a phase in the crypto markets where there are parabolic price moves that present opportunities for out-sized gains, according to Pal.
Bitcoin is trading at $85,201 at time of writing.
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