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After Elon Musk’s series of tweets dragged Bitcoin below $43,000, BTC plunged even further after China released its most recent crypto warning, which dragged the crypto down below $40,000 its lowest in three months. However, former Goldman Sachs hedge-fund manager and cryptocurrency bull Raoul Pal remain bullish as he sees the crypto’s rising to six-digit levels with the anticipated approval of a BTC exchange-traded fund later this year.
“I think BTC goes well above $250,000 in the next 12 months and ETH [ethereum] well above $20,000,” Pal told MarketWatch. Pal is the co-founder of Real Vision financial and Crypto TV, and the chief executive officer of Global Macro Investor.
While the pullback has scared newer investors triggering them to panic sell the BTC holdings, Pal isn’t that worried even with the crypto declining by around 39 percent from its all-time high of $64,829.14 set in mid-April. “If you understand bitcoin, you understand its volatility, you understand that 35% pullbacks are normal,” he said and retweeted a graph originally posted by @PrestonPysh showing six price pullbacks during the last rally that ranged from 29 to 38 percent.
“Sorry, but this is business as usual,”@PrestonPysh said. “You can’t have 200% CAGR upside for ten years without massive volatility in route. During the last bull run, we saw 6 corrections of this magnitude or more.”
“[Bitcoin] is still currently producing 200% annualized returns, which is the highest return of any asset ever recorded in history,” Pal explained.
One reason for his optimistic price forecast is the fast-paced adoption of cryptos worldwide. “The adoption rate of the entire cryptocurrency market is still growing at 113% a year, which is double that of the internet from 1990 to 2000,” Pal said. “So this is the fastest pace of adoption of any technology in history.”
Another reason for his $250,000 BTC price target is the approval of a BTC ETF, which is expected to happen by September this year. “The ETF is the next rocket fuel for this market,” Pal tweeted. “The Wall of Money keeps coming but it takes time for everyone to get internal approvals. I have so many conversations helping hedge funds, Family Offices and Asset Managers each week. All happening and more…”
