Bitcoin’s Bull Run Could ‘Potentially’ Go to $1M, Says Former Hedge Fund Manager

On Friday (May 8), former macro hedge fund manager Raoul Pal, explained how technical analysis of Bitcoin’s recent price action tells him that the current bull run could “potentially” take the Bitcoin price all the way to one million dollars.

Prior to founding macro economic and investment strategy research service Global Macro Investor (GMI) in 2005, Pal co-managed the GLG Global Macro Fund in London for global asset management firm GLG Partners (which is now called “Man GLG”). Before that, Pal worked at Goldman Sachs, where he co-managed the European hedge fund sales business in Equities and Equity Derivatives.

Also, currently, Pal is the CEO of finance and business video channel Real Vision, which he co-founded in 2014.

Around 00:40 BST on May 8 (or 23:40 UTC on May 7), according to data from CryptoCompare, the price of Bitcoin went above the $10,000 level for the first time since February 18:

BTC-USD 24 Hour Chart on 8 May 2020.png

Bitcoin’s current bull run seems to be powered partly by macro-economic factors, partly by speculation due to the upcoming Bitcoin halving on May 12 , and partly by the very bullish comments about Bitcoin (as an inflation hedge) in the investment letter (“Market Outlook — Macro Perspective”) sent out by Paul Tudor Jones II to clients of the $22 billion “Tudor BVI Global Portfolio”, which is managed by his asset management firm Tudor Investment Corporation.

Well, less than two hours after the Bitcoin price surged above the $10K level, Pal took to Twitter to talk about “Bitcoin porn” (from a technical analysis point of view). More specifically, he wanted to explain how the charts are telling him that the current bull run could “potentially” take the price of Bitcoin all the way to $1 million:

Pal then reiterated his belief that the “crazy” amount of quantitative easing (read money printing) being done by the world’s major central banks has to be good for Bitcoin, which in contrast is set to undergo “quantitative tightening” in just four days:

It is worth remembering that in the April 2020 issue of the GMI newsletter, Pal explained why he believes that Bitcoin, which he calls “the future”, could have a $10 trillion valuation in the future.

In this report, Pal talks about the economic risks posed by the COVID-19 pandemic — which he calls “the biggest event of all of our lifetimes” — and what individual and corporations can do to protect themeselves.

Pal believes that his predictions for the future will take place in three stages:

  • the liquidity phase (i.e. “the panic”)
  • the correction phase (i.e. “the hope”)
  • the “brutal phase that changes everything” (i.e. “the insolvency”)

In this report, Pal said that believes that the price of Bitcoin could reach $1 million within the next 3-5 years and that Bitcoin could be a “$10tn asset class.”

Here is Pal explaining why the idea of a $10 trillion valuation for Bitcoin is not so crazy:

“After all, it isn’t just a currency or even a store of value. It is an entire trusted, verified, secure financial and accounting system of digital value that can never be created outside of the cryptographic algorithm.

“It is nothing short of the future of our entire medium of exchange system, and of money itself and the platform on which it operates.”

By :Siamak Masnavi

Source: https://www.cryptoglobe.com

Please follow my Instagram: http://instagram.com/arminhamidian67

728x90-1-1-1-1

What will be the prices of some of the Chico Crypto’s favorite altcoins? Will they keep pace with Bitcoin, or will Bitcoin keep gaining market dominance? What will their price be when Bitcoin reaches 20k again? What if Bitcoin reaches 100k? Tune in as we make some predictions on some of the most popular crypto altcoins! 👌👌Subscribe to The Chico Channel–https://www.youtube.com/channel/UCHop… ⏰ Time Stamps ⏰ 00:08 Introduction: Bitcoin and It’s Bull Run 00:52 Altcoin Bull Run Price Predictions. How We Come To These Predictions 01:40 Altcoin Number 1 Prediction: Ethereum 03:10 Altcoin Number 2 Prediction: MakerDao 04:40 Altcoin Number 3 Prediction: Chainlink 07:06 Altcoin Number 4 Prediction: BNB 09:00 Conclusion Next Bull Run Bitcoin Price Prediction: How much & Exact Date It Will Happen On! https://www.youtube.com/watch?v=WvskD… 📺Watch These Videos Again📺 How Many Bitcoin Should You Be Hodling? https://www.youtube.com/watch?v=5M8OE… Is This Bitcoin Pump Real or Fake? https://www.youtube.com/watch?v=f89ZQ… Bitcoin Price Scandal You Won’t Believe https://www.youtube.com/watch?v=FAOX7… 🤫►► ► Chico Crypto Exclusive Links ◄◄◄🤫 🔥Join The Chat On Telegram 🔥 https://t.me/chicocrypto1 👉🏻Follow Me On Twitter https://goo.gl/gmsDXa 👌👌Subscribe to The Chico Channel–https://www.youtube.com/channel/UCHop… 💥Buy A Ledger & Keep Your Crypto Safe💥 https://www.ledger.com/products/ledge… 📚 📚Educational links and crypto resources for starting in cryptocurrency Check the prices and stats of the most popular cryptocurrencies with Coinmarketcap https://coinmarketcap.com/ What is Bitcoin, altcoins, Ethereum and other cryptocurrencies https://www.coindesk.com/information/… 🏺Cryptocurrency Donations: Support The Channel!!🏺 BTC 3ArFPC5ik9tBy8ART6R2X59qiNXatw5EAG ETH 0xF1d402C0175a9fa80dD770e82fa0BD50FDab0EbD BITCOIN CASH 1DPJstcTeHzDbSd1aeeAnwUBNfJWFPNAq7 #crypto #altcoin #bitcoin #btc #cryptocurrency #blockchain #btc #eth #ethereum #money #rich #invest #trade #hodl #investment **Disclaimer** The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Purchasing cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome. Past performance does not indicate future results. Open CDPs at your own risk! This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.