As a seasoned researcher and analyst with over two decades of experience in finance and cryptocurrency markets, I find Raoul Pal’s Bitcoin prediction intriguing, to say the least. Having witnessed various market cycles and observing institutional behavior for years, I can appreciate the Wyckoff Accumulation Method’s application in the crypto realm.
Renowned cryptocurrency advocate and ex-Goldman Sachs manager, Raoul Pal, has recently endorsed a striking Bitcoin (BTC) price prediction, aligning with the viewpoints put forward. The analysis Pal found compelling employs the Wyckoff Accumulation Method, a trading technique devised by Richard D. Wyckoff to pinpoint market patterns and institutional actions.
The strategy primarily concentrates on the amassing stage, where institutions acquire assets at relatively lower costs, expecting future price increases. Crucial aspects involve a rise in transaction volume, optimistic market behavior marked by higher bottom and top values, and resistance tests indicating weak selling interest.
As per this forecast, we’re currently witnessing Bitcoin’s Phase D, characterized by persistent demand outpacing supply. Yesterday, Bitcoin approached its Last Points of Supply (LPS), causing a price correction as it dipped approximately 4% within a day.
This feels right to me
— Raoul Pal (@RaoulGMI) October 2, 2024
During this period, it’s anticipated that the price will surpass the upper limit of its current trading range, however, based on our price projections, we expect this ceiling to be broken, leading us into Bitcoin’s Phase E.
It seems that the primary cryptocurrency could potentially exceed its previous record high and venture into new pricing territories around $85,000 per BTC or more, as suggested by the accompanying chart. The tentative timeline for Phase E is set for early November, coinciding with the commencement of U.S. elections.
As a researcher, I find myself drawn to Raoul Pal’s intuition about certain market trends. However, it’s crucial to note that the unpredictability of this market makes it difficult to definitively predict whether these developments will materialize. After all, nothing is cast in stone here.
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2024-10-02 18:27