Raoul Pal and Bitcoin Price Prediction

Former Goldman Sachs top manager and cryptocurrency advocate Raoul Pal has shared a compelling Bitcoin (BTC) price prediction, aligning with arguments surrounding the Wyckoff Accumulation Method. This trading strategy, developed by Richard D. Wyckoff, identifies market cycles and institutional behavior, focusing on the accumulation phase where institutions buy assets at lower prices in anticipation of upward movements.

Key elements of this method include:
– Increased volume
– Bullish price action with higher lows and highs
– Tests confirming minimal selling pressure

Currently, Bitcoin is observed in Phase D, where demand outstrips supply. Recently, Bitcoin reached the last points of supply (LPS), pulling back nearly 4% in one day.

The forecast suggests Bitcoin will at least reach the top of the trading range during this phase, with expectations to break through to Phase E. In this next phase, Bitcoin is projected to surpass its all-time high, potentially reaching $85,000 or more, particularly as early November approaches with the U.S. elections.

For Pal, this prediction resonates, but the volatile nature of the market means nothing is guaranteed.

This article was originally published on U.Today