Raoul Pal, former CEO of Goldman Sachs, says the cryptocurrency industry appears to be paving the way for a rally to all-time highs.
In a new Ask Me Anything (AMA) session, the Real Vision CEO and macroeconomist says that while he expects a “cut” in the short term, he also expects digital assets to spark a “real rush” to record numbers later in the year. this year.
According to Pal, a combination of the recent approval of exchange-traded funds (ETFs) in the Bitcoin (BTC) spot market and the upcoming BTC halving event – which will see miner rewards cut in half in April – will ultimately push the king of cryptocurrencies and digital assets even further. Liquidation of leveraged positions.
“All pre-orders [for the ETFs] It's now filled – all of these ETF providers [have been] Going to all their clients, begging them “You have to do this” – everyone does it. There will be some follow-up next week, as a lot of GBTC (Grayscale Bitcoin Trust) members are starting to relax, and some will wait a few days. [to] Find out if the market is stronger [or] Whatever, so that it lasts for a while.
I then made a lot of request. In the end, it might be a billion dollar demand, or maybe a $2 billion order that you're going to make, so who's the buyer? You have the people who ran this, who want to sell, so you're going to see volatility and I've always reminded you guys of the “Do-not-f***-this-up” mantra, part of that is to expect 30%-35% pullbacks.
It could be lower than that, but just expect it, this often happens when you reach this kind of 0.618 Fibonacci level in the first phase of an uptrend. It is often corrected sharply [and] People are washed. The leverage is removed and then the real race begins, the real run is to reach all-time highs and beyond. “That usually starts at about half, so I think there might be a month or two of cutting.”
Bitcoin is trading at $42,953 at the time of writing, a slight decline over the past 24 hours.
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