Bitcoin’s Record-Breaking Surge
Bitcoin recently shattered its previous record, surging beyond $71,600. This notable increase was triggered by the approval of spot Bitcoin exchange-traded funds in the US on January 11, 2024.
Raoul Pal’s Bold Prediction
Real Vision founder Raoul Pal, known for his bullish stance on cryptocurrencies, has set an ambitious target for Bitcoin. Pal boldly predicts that Bitcoin will reach or surpass $250,000 by the end of this cycle. This announcement comes amidst a bullish crypto market where Bitcoin is already breaking records.
Ethereum’s Upward Trajectory
Pal’s optimism extends beyond Bitcoin, as he shares optimistic views on Ethereum. He anticipates a significant jump in Ethereum’s price from $15,000 to $20,000. This speculation is grounded in factors such as Ethereum’s correlation with Bitcoin, expectations of spot Ethereum ETF adoption, and the upcoming Denouement Upgrade.
As of now, the price of Ethereum stands at $4030.1, representing a 2% increase in the last 24 hours, with a current market cap of $468.89B.
Solana’s Bullish Target
For Solana, Pal sets a bullish price target of $750 to $1,000. He remains impressed with Solana’s technical prowess and expresses confidence that its operation will generate greater demand for SOL, contributing to further price increases.
Solana’s current price of $147.67 is well above the 20-day simple moving average of $120.69. The 24-hour technical indicator for Solana (SOL/USD) points to an uptrend.
Considerations and Conservative Projections
Pal stresses that his projections may be conservative, especially considering the dynamic spot BTC ETF market. Bitcoin faces increased demand from ETF holders amidst a shrinking supply due to the impending bitcoin halving event, where BTC yields have dropped by 50%.
As Bitcoin enters an active price discovery phase, Raoul Pal’s predictions inspire expectations and speculation.
