Raoul Pal's Bitcoin Price Prediction

Former Goldman Sachs executive and cryptocurrency advocate Raoul Pal has highlighted a new Bitcoin (BTC) price prediction that resonates with him. The analysis in question utilizes the Wyckoff Accumulation Method, a trading strategy formulated by Richard D. Wyckoff, designed to identify market cycles and institutional activities.

The focus is on the accumulation phase, where institutions acquire assets at lower prices, anticipating potential upward trends. Crucial aspects of this phase include increased trading volume, bullish price movement characterized by higher lows and highs, and tests affirming minimal selling pressure.

Pal suggests that Bitcoin is currently in Phase D, where demand consistently surpasses supply. Recently, Bitcoin approached the last points of supply (LPS), experiencing a nearly 4% drop for the day.

Bitcoin's price is expected to reach at least the peak of this trading range; however, forecasts indicate this peak may be surpassed, leading Bitcoin into Phase E. During this phase, Pal anticipates that the major cryptocurrency could break its all-time high and reach upwards of $85,000 per BTC. This progression is visualized in an accompanying chart, and Phase E is expected to commence in early November, coinciding with U.S. elections.

Pal believes this outcome “feels right,” but acknowledges the market's unpredictability.

Originally published on U.Today