“Bitcoin can see $ 1 million in this bull market”

Bitcoin (BTC) has tripled in value, starting a strong rally at the end of 2020. With the crypto money exceeding 60 thousand dollars, price targets such as 100 thousand dollars began to seem extremely possible. A name in the industry thinks that BTC can reach a much higher point.

Raoul Pal, former director of Goldman Sachs, co-founder and CEO of Real Vision, said Dr. During an interview with Julian Hosp, he compared Bitcoin’s current bull market to previous bull markets and made an exciting price prediction for BTC.

Saying that the current bull market is almost the same as the bull market in 2013, Pal claimed that we are ahead of the 2017 bull market in terms of time.

Pal stated:

“Bitcoin’s seasonal cycle is quite clear. It rises and is experiencing correction in January. It continues to rise in February and spends March and April with a correction. In June, after the explosion, it is at a certain interval for a while. Within a certain range means 30-35 percent decrease, but over a long period of time. After September-October, it is booming again until the end of the year. “

Stating that the bull market of Bitcoin this year is also progressing in this cycle, Pal thinks that this cycle may change next year. Julian Hosp noted that the correction rates experienced by BTC are gradually decreasing, and that we are seeing corrections reaching a maximum of 30 percent, not up to 70 percent as in previous cycles.

You may be interested in: What is the bull market?

The Real Vision CEO, who attended this statement, does not think that there will be a major collapse from next year, thanks to new entrants in the market. Pal explained that the past bull markets were mostly driven by individual investors and investors who made a lot of money in these cycles preferred to convert their money into fiat money, while institutional investors stepped in in the current cycle:

“I think the fluctuation will decrease over time with the increase in institutional prevalence. In fact, Bitcoin can only experience a range of corrections, as gold has done in the past few years. “

The CEO of Real Vision makes a much higher estimate of the reach of the BTC price compared to other names in the industry. According to the CEO, Bitcoin can reach $ 400,000 if it hits a single peak, and $ 1 million if it makes two peaks, as in the past two bull markets.

Pal thinks that the famous analyst PlanB’s stock flow price model has created a perception among investors that the Bitcoin price will peak at $ 288k, but BTC is likely to surpass this level.

According to PlanB’s stock flow model, Bitcoin could go up to $ 85,000 by May. The model predicts that BTC will be somewhere between $ 100,000 and $ 288,000 at the end of the year.

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