Macro guru and CEO of Real Vision, Raoul Pal, says Bitcoin (BTC) reflects the same pattern it saw about nine years ago before it caused a parabolic wave.
In a new thread on the social media platform say that market conditions are developing in such a way that the crypto king could skyrocket, just like it did two cycles ago.
However, Pal notes that investors should not expect an exact repeat of 2016’s rise, but rather a similar upward movement.
“This was the outcome of EXACTLY the same in 2016/[18] vs. now… chill. Everything will be fine. Maybe a little lower or maybe it’s already done. Either way, higher over time.
Don’t expect an exact repetition but a rhyme. Valhalla awaits.”
In 2016, Bitcoin traded around $1,000 before exploding to $20,000 a year later.
Pal also keeps a close eye on the global M2 gauge – a broad measure of the supply of money sloshing around in the global economy. According to Pal, the global M2 is repeat the same pattern it showed in 2016-2017, potentially allowing the crypto king to take a huge step up.
“Why it will all work out…(you need to have your own beliefs, not rented from some bozo like me). Global M2 repeats 2016/7.”
Bitcoin is trading at $94,173 at the time of writing.
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Generated image: Midjourney