Crypto Winter Is Over, Says Macro Strategist
Renowned cryptocurrency macro specialist and author Raoul Pal recently shared his thoughts on the cryptocurrency market's future in an interview with Altcoin Daily's Aaron Arnold.
Here are the key takeaways from the interview.
The crypto winter is over
According to Pal, the cryptocurrency winter is over, and we are heading toward spring.
Despite acknowledging that Bitcoin would experience more temporary downturns, he believes that the asset would eventually recover, even if it takes time. He also thinks this is an excellent opportunity for long-term investors who truly believe in crypto technology to invest in Bitcoin because, by the end of the year, it could return to its all-time high of $60,000.
Regulatory crackdown
Pal commented on the negative impact of cryptocurrency regulations, stating that the SEC’s crackdown on cryptocurrencies could affect the value of such assets in the short term. However, it would have no lasting impact on the underlying blockchain technology or the pace of innovation worldwide.
Bullish outlook on Ethereum
Pal is famous for his bullish outlook on ETH. He believes that the altcoin is the most vibrant ecosystem in the industry with the most impressive adoption rate.
The macro specialist stated that the current consensus mechanism of Ethereum, which is proof of stake, makes it scarcer in supply, thereby increasing its demand. Pal believes that “Ether is the money of the internet.”
READ MORE: Coinbase CEO Visits Washington D.C. to Discuss Crypto Regulation
Price target for ETH
Pal shared that he has a rough price target of about $10,000 for ETH, though he does not believe in price predictions. As of press time, Bitcoin is trading at around $24,600. Ethereum is still above the critical support level of $1,500, having recently broken out above $1,600.
Closing advice for crypto investors
Pal closed the interview with some advice for crypto investors:
“Zoom out and realize that you don’t know anything. Accept that you don’t because none of us do. Listen to analysts that help you understand the market better, not the ones that want to teach you how to become rich. Think of the bigger picture.”
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
