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.
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.
Recent blockchain data reveals that a segment of Bitcoin investors has started selling off assets to lock in profits following a recent price surge.
CryptoCon confidently predicted an imminent bull market for Bitcoin, downplaying concerns of a recession or prolonged bear market.
Jeff Kendrick, global head of digital asset research at Standard Chartered, predicts Bitcoin could reach $200,000 by the end of 2025, regardless of the outcome of the 2024 US presidential election.
MicroStrategy CEO Michael Saylor shared his optimistic outlook for Bitcoin following the U.S. Securities and Exchange Commission’s (SEC) approval of options on BlackRock’s Bitcoin exchange-traded fund.