Raoul Pal, a former executive at Goldman Sachs, stated that he believes cryptocurrencies have a bright future and that a bull market would soon emerge, pushing digital assets to all-time highs.
Pal recently offered his view of the present volatility in the cryptocurrency market during a Q&A session on YouTube. According to him, there is a significant increase in demand for spot Bitcoin ETFs since they were just approved, and ETF providers are actively promoting customer involvement.
Pal predicts that this demand might amount to $2 billion. However, he noted that the expedited schedule might also lead to short-term volatility, including probable 30-35% pullbacks.
He says these corrections generally occur when markets hit critical Fibonacci levels early in a bull cycle, washing out leverage before the big run begins.
Pal thinks the next surge in cryptocurrencies will probably begin around the time of the 2024 Bitcoin halving, pushing them to all-time highs. He anticipates turbulent consolidation for the next one to two months as the market takes in the flood of ETF purchasers.
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