Raoul Pal, former executive at Goldman Sachs and founder of Real Vision, expressed his expectations for the crypto market to attract significant liquidity from other asset classes. Pal stated that he expects two leading altcoins, along with Bitcoin (BTC), to experience a major surge in the fourth quarter of the year.
“Bitcoin’s Price is Rising Like a Staircase”
Pal, a long-time Bitcoin bull, claimed that the crypto market is a “supermassive black hole” that devours all other asset classes. In a new blog post co-authored with Julien Bittel, the macro research director at Global Macro Investor, Pal stated that they expect Bitcoin, Ethereum (ETH), and Solana (SOL) to attract significant attention and rise in the fourth quarter of the year.
Pal and Bittel, who started by looking at Bitcoin, noted that the largest cryptocurrency is in an upward trend and appears ready for a new surge. They stated, “Bitcoin’s price is rising like a staircase in the chart, and it is clearly evident that there will be another major surge soon.”
Bitcoin, the largest cryptocurrency with a market capitalization of $572 billion, is currently trading at $29,389 with a 0.12% decrease in the last 24 hours. Both Pal and Bittel expect a rise in Bitcoin, reaching and even surpassing $35,000.
Rise Forecast for Solana and Ethereum by the Duo
After Bitcoin, the duo turned their attention to Solana and Ethereum, stating that a massive Inverse Head and Shoulders (IH&S) formation in SOL’s price chart has been retested. Pal and Bittel indicated that under the influence of the IH&S formation, the price of an asset is expected to move upward.
At the time of writing, SOL is trading at $24.90. Solana, the 9th largest cryptocurrency by market capitalization, has seen an increase of over 1.2% in the last 24 hours.
Pal and Bittel also highlighted the strong appearance of Ethereum, the king of altcoins, against Bitcoin, describing it as a “rocket ship” on the ETH/BTC chart.
According to the duo, ETH, which they argue looks extremely strong against BTC, is currently trading at $1,841 with a 0.48% decrease in the last 24 hours.
