Crypto Market May Be in Early Stages of Multi-Year Rally, Says Real Vision CEO

The current trajectory of the crypto market may be unfolding in a way that echoes the early stages of 2017, according to Real Vision CEO Raoul Pal.

However, he believes this cycle could extend much further—potentially into mid-2026—driven by shifting macroeconomic dynamics and growing institutional interest.

Pal pointed out that although Bitcoin has shown steady gains, it hasn’t yet entered the explosive phase many are waiting for. He attributes this to what he calls a delayed business cycle. Using a proprietary model to assess the global economic outlook, Pal noted that the cycle still appears to be in its early stages, suggesting that both traditional and digital markets may have more room to run.

One of the key factors influencing this extended timeline is the weakening U.S. dollar. The Dollar Index (DXY) has dropped by nearly 9% since the beginning of the year, currently sitting around 98.77. Pal emphasized that this decline could serve as a tailwind for Bitcoin, as the two assets tend to move inversely. In his view, a weaker dollar not only enhances Bitcoin’s appeal as a hedge but also signals looser monetary conditions ahead.

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Pal also drew comparisons between today’s environment and early 2020 rather than 2021. Back then, Bitcoin dipped significantly before staging a dramatic recovery that lasted throughout the year. He suggested that the current market feels similarly “early-stage,” with the real acceleration possibly still months or even years away.

During a recent visit to the Middle East, Pal met with several sovereign wealth funds and came away with a clear impression: regional governments are serious about blockchain and AI. According to him, countries like Saudi Arabia, the UAE, and Qatar aren’t just investing in Bitcoin—they’re laying the groundwork to integrate blockchain technology into national infrastructure.

While the crypto market remains sensitive to global tensions and monetary policy signals, Pal believes that broader macro trends are pointing to a prolonged cycle rather than a short-term peak. In his words, crypto is likely to win—but not before enduring more volatility and time. The next leg up, he says, will depend on continued adoption and growing institutional commitment across both developed and emerging markets.

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.