Former Goldman Sachs executive Raoul Pal believes that the altcoin market cap is about to reach new all-time highs. In a recent video update, the CEO of Real Vision stated that the digital assets market could experience a “crypto summer” within the next month. During this period, Pal expects Ethereum (ETH), Solana (SOL), and other alternative cryptocurrencies (“alts”) to have significant rallies.
When referring to “crypto summer,” Pal is alluding to a period characterized by increased prices, higher trading volume, bullish market sentiment, more network development, and wider adoption of digital assets. He notes that while Bitcoin typically outperforms during the earlier stage of the market cycle (referred to as “crypto spring”), Ethereum is likely to outperform Bitcoin as the market transitions into “crypto summer.” Pal also expressed doubt that Ethereum would outperform Solana, as Solana is at an earlier stage of adoption, resulting in larger percentage changes.
Pal provided a chart representing the altcoin market cap excluding Ethereum, indicating that this segment of the market is starting to accelerate. He predicts that in 2024, the altcoin market cap will hit a new all-time high, causing the chart to enter what he calls the “banana zone,” where things go “utterly bananas.”
Additionally, Pal anticipates a “crypto fall” in the future, similar to the extended rallies experienced in the 2013 and 2017 market cycles. He suggests that the crypto market operates in four-year cycles, dividing these cycles into four seasons to explain the different phases. According to Pal, the current period represents the “easy year,” or summer, where significant gains are expected.
Based on his chart analysis, Pal believes that during “crypto summer,” Bitcoin could reach six-figure prices, potentially climbing as high as $300,000.
It’s important to note that the opinions expressed by Raoul Pal are not investment advice. Investors should conduct their own research and exercise caution when investing in Bitcoin, cryptocurrencies, or digital assets.
