Raoul Pal, a Macro guru and the chief executive of Real Vision, is optimistic about the future of Bitcoin (BTC). In a recent thread on X, Pal pointed out that the current market conditions are reminiscent of a pattern seen about nine years ago, just before Bitcoin soared to new heights.
Pal emphasized that while history may not repeat itself exactly, there are similarities between the current market environment and the one that led to Bitcoin’s parabolic surge in 2016. Back then, Bitcoin’s price skyrocketed from around $1,000 to $20,000 in just a year.
One key indicator that Pal is closely monitoring is the global M2 metric, which measures the money supply circulating in the world economy. According to Pal, the global M2 is showing a similar pattern to what was observed in 2016-2017, hinting at a potential significant move to the upside for Bitcoin.
As of now, Bitcoin is trading at $94,173, and Pal’s analysis suggests that there could be further gains in store for the cryptocurrency. He encourages investors to have their own conviction and not rely solely on the opinions of others, including himself.
In conclusion, Pal remains bullish on Bitcoin’s future prospects, drawing parallels between the current market conditions and the previous bull run. While he doesn’t expect an exact repeat of history, he believes that Bitcoin is poised for growth over time.
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Image Source: Midjourney