Bitcoin Could Fall to $75,000 in the Short Term, According to Raoul Pal
Pal expressed this view in a teaser for an upcoming Real Vision episode featuring Julien Bittel, Head of Macro Research at Global Macro Investor.
“People see this chart; they worry about the fact that it shows that Bitcoin comes down to $75,000, but what we proved is, last time around this happened, Bitcoin went down quickly and then recovered. And so, it didn’t matter,” Pal stressed in the clip.
While the “last time around” Pal is referring to is unclear, he believes that Bitcoin is replicating its 2017 run, in which it surged nearly 20x from about $1,000 to above $19,000.
Raoul argues that the same fundamental catalysts that drove that run are still at play, including dollar weakness and stimulus in China.
These sentiments come as President Donald Trump has frequently lamented the impact of what he believes to be an overly strong dollar on U.S. manufacturing, a view likely shared by his treasury secretary pick, Scott Bessent.
In China, the government is pursuing several stimulus packages to bolster economic growth. Recently, the country is reportedly set to inject at least $55 billion into the banking system.
Pal contends that these factors will increase liquidity, some of which will flow into the crypto market, sending Bitcoin flying and eventually altcoins as well.
Nevertheless, at the time of writing, Bitcoin is trading just over the $88,400 price point, recovering from a drop to three-month lows at $86,000 amid inflation and trade war fears.
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