Bitcoin Eyes New Record Highs: Analyst Forecasts Key Drivers
Raoul Pal predicts Bitcoin is set to hit new all-time highs, driven by a promising phase he dubs "Macro Summer."
Bitcoin recently touched $70,000, a level it had last seen in mid-June. Despite that, the price retraced and is currently trading around $66,500.
Bitcoin is ready to soon break the giant cup and handle and head into the Banana Zone… pic.twitter.com/2PwOGqrA6X
— Raoul Pal (@RaoulGMI) July 29, 2024
Pal foresees Bitcoin benefiting from a major technical pattern, the “giant cup and handle,” which could propel its price significantly.
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He cites three factors contributing to this forecast:
- Market Corrections: A potential Nasdaq correction could push investors towards Bitcoin as a hedge.
- US Elections: Historically, election years often lead to economic stimulus, which can boost both traditional and alternative assets.
- Weakening Dollar: A drop in the US dollar could increase Bitcoin’s appeal as a safe asset against inflation.
Pal suggests that while these developments might take time to unfold, they set the stage for a promising period for Bitcoin and gold into 2025.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
