The „perfect wedge“ makes it more likely than ever that Bitcoin will reach $1 million, says Raoul Pal

The chances of Bitcoin (BTC) reaching USD 40,000 and even USD 1 million have „increased dramatically“ as the highest cryptomone currency reached USD 10,000.

That was the conclusion of Global Macro Investor CEO Raoul Pal, who on May 8 released new charts that he said presented an easy case for a „much higher“ Bitcoin price.

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Pal: The potential price of BTC is now USD 1 million
„Whatever happens, after a KEY technical breakdown like today’s, the likelihood of prices rising dramatically has increased dramatically,“ he summed up on Twitter.

Pal, who last month published a weekly report on Bitcoin Machine, Bitcoin Trader, Bitcoin Formula, Bitcoin Lifestyle, Bitcoin Rush profits versus trust money, said that using classic charting techniques, the $40,000 mark becomes a reality.

He added:

Well, that gives you a target price for this run of potentially (keyword: potentially) $1 million.

Using a log chart, Pal continued, it also produces „a 1 standard deviation movement at $40,000 and a 2 standard deviation potential at $1 million (potential)“.

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The very high figures coincide with conclusions similar to those of PlanB, creator of the Bitcoin Stock-to-flow price forecast model. Pal referred to the model’s findings, which give an average BTC/USD value of USD 288,000 between 2020 and 2024, with the potential to at least double that.

Bitcoin surprised everyone on Thursday when it went back up to five figures, bringing weekly earnings to 35%.

The successes come in stark contrast to traditional macro assets, which have stagnated in May. The situation didn’t go unnoticed by Pal, who added. He adds that the central banks of the entire world are either seeing their currencies collapse, even the almighty dollar, or are printing money like crazy. The huge quantitative relief decree is met with the hardest money that automatically adjusts itself quantitatively. The BTC wins.

At the time of this writing, a slight correction has seen the markets fall slightly to USD 9,700.

Veröffentlicht in Blog