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Bitcoin (BTC) Facing One of the Best Setups in History With $1,000,000 Target, Says GMI’s Raoul Pal

May 09, 2020

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Raoul Pal of Global Macro Investor is breaking down the potential paths ahead for Bitcoin (BTC).

He says the leading cryptocurrency is currently in one of the best positions of any asset he’s ever seen, trading inside a “perfect wedge” that he believes is a precursor to a massive new bull run.

Pal’s first depiction of the wedge using traditional charting techniques has BTC targeting $40,000. But when switching to a log price scale to get a long-term perspective, Pal says BTC is on a trajectory to $1 million.

Chart 2 - The Perfect Wedge on a Log Chart

Well, that gives you a price object for this run potentially (key word - potentially) of $1m. pic.twitter.com/ZDJXsrbbVN

Using linear regression channels, which highlight the upper, lower and middle portions of a trend or price move, Pal says BTC displays a move to $400,000 to $1 million. He says his analysis aligns with predictions from the anonymous strategist PlanB.

“Whatever plays out, after a key technical break like today, the probability of vastly higher prices has risen dramatically. And this is confirmed by the stock to flow models by PlanB and the breakout has happened almost exactly at the halvening.

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Pal also points to a rapid increase in money printing and struggling currencies in places like Venezuela and Argentina as a sign of what’s to come.

Add to that the entire world’s central banks are either seeing their currencies collapse to the almighty dollar (BRL, TRY, ARG, etc) or they are printing money like crazy. Huge quantitative easing fiat meets the hardest money that automatically quantitatively tightens. BTC wins.

This is the one of the best setups in any asset class I’ve ever witnessed… technical, fundamental, flow of funds and plumbing. All. Now. Again, to be clear, even if it has 90% odds, doesn’t mean its definitely going to work…I can and will be wrong…often and dramatically.”

Pal says he recently allocated 25% of his liquid net cash to Bitcoin, along with 25% to gold. He’s reserving another 25% for trading opportunities and plans to keep the last 25% in cash.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.