Renowned former Goldman Sachs executive, Raoul Pal, predicts that Bitcoin (BTC) and the entire crypto market are on the brink of a sustained upward trend. In an interview with crypto trader Scott Melker, Pal highlights the historical trend of risk assets, including Bitcoin and other cryptocurrencies, experiencing rallies during the fourth quarter of a presidential election year.
According to Pal, the latter part of an election year is typically a highly favorable period for all assets. He confidently states, “You know that you’ve got a very, very, very high probability that by autumn things are utterly ripping.” Pal further notes that it is difficult to determine exactly when ETH, Bitcoin, and SOL will break their recent highs, but once they do, the acceleration will be significant.
Earlier this year, Pal made a statement suggesting that politicians tend to distribute stimulus packages, which results in higher inflation and subsequently drives up the prices of digital assets.
As of the time of writing, Bitcoin is valued at $64,500.
Pal also analyzes Solana (SOL) and presents a chart that indicates the altcoin is adhering to its diagonal support while trading within a triangle structure. He suggests that investors consider taking advantage of this entry zone to expand their SOL positions, emphasizing that the bananas are slowly ripening and will likely be magnificent in the autumn.
A triangle structure is often viewed as a continuation pattern that typically resolves in the direction of the prevailing trend. Based on Pal’s chart, it appears that SOL is still in an upward trend.
At the time of writing, Solana is valued at $134.72.
To stay up to date with the latest news, readers are encouraged to subscribe to receive email alerts directly to their inbox.
Disclaimer: The opinions expressed in this article by The Daily Hodl do not constitute investment advice. Investors are advised to conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. It is important to note that transfers and trades are carried out at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Readers are advised to be aware that The Daily Hodl engages in affiliate marketing.
