Bitcoin and Gold Poised for Major Price Surge – Here is Why

Bitcoin and gold might be poised for a substantial price surge as the macroeconomic environment shows signs of improvement.

Raoul Pal, the founder and CEO of Global Macro Investor, suggested in a July 29 thread on X that the onset of “macro summer” could lead to a Bitcoin price breakout soon.

Macro Summer in beginning to take hold and should last at least for the rest of 2024 and into 2025.

2 yr yields have formed a large top with a potential objective to 2.5% 1/ pic.twitter.com/4P6xgsAzpX

— Raoul Pal (@RaoulGMI) July 29, 2024

He noted that this favorable period could last through the rest of 2024 and into 2025, potentially pushing Bitcoin into what he calls the “Banana Zone,” a phase of significant price increase.

For Bitcoin to confirm its breakout, it needs to close above $70,000, according to Pal and crypto trader Moataz Elsayed, known as “Eljaboom.” This would validate the bullish cup and handle formation observed in the charts.

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Additionally, Bitcoin’s open interest hit a new all-time high on July 29, signaling increased investor interest and liquidity that could drive a breakout.

Several factors are contributing to the bullish outlook for Bitcoin: the Nasdaq’s healthy correction, the upcoming US elections, and the potential weakening of the US dollar.

Pal believes these elements could ease financial conditions and support Bitcoin’s rise to a new all-time high, as investors often turn to assets like Bitcoin and gold during periods of currency devaluation.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.