Macro guru and Real Vision chief executive Raoul Pal says that Bitcoin (BTC) is mirroring the same pattern seen about nine years ago before igniting a parabolic surge.
In a new thread on the social media platform X, the ex-Goldman Sachs executive says that market conditions are lining up in a way that could see the crypto king skyrocket, just like it did two cycles ago.
[adinserter block="1"]However, Pal notes that investors shouldn’t expect an exact repeat of 2016’s rise, but rather, a similar push to the upside.
“This was the outcome of the EXACT same in 2016/[18] vs. now… chill. It’s all going to be just fine. Maybe a bit lower or maybe it’s done already. Either way, higher over time.
Don’t expect an exact repeat but a rhyme. Valhalla waits.”
In 2016, Bitcoin was trading at around $1,000 before exploding to $20,000 a year later.
Pal is also keeping a close watch on the global M2 metric – a broad measurement of the money supply sloshing in the world’s economy. According to Pal, global M2 is repeating the same pattern it displayed in 2016-2017, potentially setting up the crypto king for a huge move to the upside.
“Why it’s all going to be ok…(you guys need to have your own conviction, not rented from some bozo like me). Global M2 is repeating 2016/7.”
Bitcoin is trading for $94,173 at time of writing.
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