Longtime Bitcoin (BTC) bull Raoul Pal believes that the crypto markets will suck liquidity out of other asset classes.
The former Goldman Sachs executive tells his 997,200 Twitter followers that crypto is a “supermassive black hole that eats all other asset classes.”
In a new Global Macro Investor blog post written with the firm’s head of macro research, Julien Bittel, Pal says that they expect Bitcoin, Ethereum (ETH) and Solana (SOL) to rally in the fourth quarter of this year.
Looking at Bitcoin first, the duo says that BTC is in an uptrend and appears poised for a new leg up.
“The chart of BTC has been a clear stair-step higher and feels close to another big break higher soon…”
Bitcoin is worth $29,304 at time of writing. The top-ranked crypto asset by market cap is up 0.39% in the past 24 hours.
Pal and Bittel also say that Solana has been “testing the breakout of the BIG inverse head-and-shoulders pattern,” a price pattern that traditionally suggests a slow trend reversal to the upside.
SOL is trading at $24.91 at time of writing. The 10th-ranked crypto asset by market cap is up more than 1.5% in the past 24 hours.
Additionally, Pal and Bittel say the ETH/BTC chart looks “like a rocket ship” when it is zoomed out enough.
Ethereum is trading at $1,843 at time of writing. The second-ranked crypto asset by market cap is trading nearly exactly where it was 24 hours ago.
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Featured Image: Shutterstock/Vadim Sadovski
The post Raoul Pal Calls Crypto a ‘Black Hole’ That Eats All Other Assets, Predicts Bitcoin, Ethereum and Solana Rallies appeared first on The Daily Hodl.
