Macro Guru Raoul Pal Updates Outlook on Bitcoin, Predicts BTC Reaches $50,000 – Here’s His Timeline
March 22, 2023 9334 by adminReal VisionCEO Raoul Parr upgraded his vision for the future of BTC, which had risen rapidly because of the collapse of Bank of America.
In a newly released interview with Howard Pompliano by YouTube, Parr predicted that Bitcoin could rise by nearly 80 per cent in less than a year.
->Parr said he expects the price of Bitcoin to rise to as high as $50,000, in part because of short selling, so people improperly bet that the king's login password will fall.
As a short asset trader, a short order squeeze also occurs when it is determined to reduce losses in response to unexpected price increases. Then, this kind of squeeze promotes more rebound.
PAL also disagreed with Coinbase's former technical director Balaaghi Srinivasan's recent judgment that BTC would reach $1 million in just 90 days.
"the probability of [Srinivasan's] being right is zero. But what he did was spend one or two million dollars marketing to promote an important definition. I think it's good. I see. My overall view is that the sales market will be more congested than everyone expected. So, I think people actually achieved $50,000 more quickly than most people expected. Is it in recent years? In 12 months? It's possible. "
Parr said he estimated that Bitcoin would eventually reach six figures, but did not disclose how long it would last.
Over time, he will withdraw $100000 and still get $250000? Naturally, and indeed so. It's just a matter of time and timing, and it's part of the distraction. You know, if you have a sufficient long-term range, and the rate of adoption and asset prices rise more than all other assets, you have no driving force to do everything else except owning.
According to Pal, Bitcoin's performance in 2023 looks more like 2013 than 2019, with the latter adjusting. He said he expects unrest in commercial banks to boost liquidity at Fed meetings, an ancient history that has led to the strong performance of Bitcoin.
Bitcoin surpassed the bull market by a large margin and then adjusted when liquidity was drained out of the system again, but it kept rising. So, yes, I think Bitcoin and even the entire encryption market has an implicit setting that makes it more and more shockingly powerful, more like 2013 than 2019. There was a bigger adjustment in 2019.
This time, I don't think we should see this. I think we're going to see all the central banks in place, because there are commercial banking problems in both Europe and the United States. And our country has its own problems. So they all face a similar problem, that is, debt. They will also be forced to stimulate. I think it's more likely to be very squeezed as it was in 2013, followed by horizontal consolidation and then very squeezing.
At the time of this writing, Bitcoin traded at $27981.
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