Longtime Bitcoin (BTC) bull Raoul Pal believes the crypto markets will suck liquidity out of other asset classes.
The former executive of Goldman Sachs tells his 997,200 Twitter followers that crypto is a “supermassive black hole that eats up all other asset classes.”
In a new blog post from Global Macro Investor, written with the firm’s head of macro research, Julien Bittel, Pal say that they expect Bitcoin, Ethereum (ETH), and Solana (SOL) to rise in the fourth quarter of this year.
Looking at Bitcoin first, the duo says that BTC is in an uptrend and seems poised for another move up.
“BTC’s chart has been a clear step higher and feels like another big break higher soon…”
Bitcoin is worth $29,304 at the time of writing. The top-ranked crypto asset by market capitalization is up 0.39% in the past 24 hours.
Pal and Bittel say too that Solana has “tested the breakout of the BIG inverted head-and-shoulders pattern,” a price pattern that traditionally suggests a slow trend reversal to the upside.
SOL is trading at $24.91 at the time of writing. The 10th ranked crypto asset by market capitalization is up more than 1.5% in the last 24 hours.
In addition, Pal and Bittel say the ETH/BTC chart looks “like a rocketship” when zoomed out enough.
Ethereum is trading at USD 1,843 at the time of writing. The second-ranked crypto asset by market capitalization is trading almost exactly where it was 24 hours ago.
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Featured image: Shutterstock/Vadim Sadovski