Macro analyst Raoul Pal said Thursday that many parts of the cryptocurrency market are in a consolidation or “waiting room” phase, but are showing signs of breakouts.
Crypto Ready To Launch?
In an X thread, Pal, founder of research publication Global Macro Investor, said that the total cryptocurrency market. excluding Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), is “ready to launch” from the waiting room.
Pal showed what appeared to be an Ascending Triangle pattern, which is a consolidation pattern indicating strong buying demand.
In the subsequent post, he focused on altcoins outside the top 10 biggest cryptos by market capitalization, saying that they are also in the waiting room, but will take “longer to launch.”
As for ETH, Pal noted a “full port,” suggesting an imminent upside, to be followed by Solana (CRYPTO: SOL) and Dogecoin (CRYPTO: DOGE).
Global Money Supply Is The Key
“People need to learn patience. The path is clear…but never, ever expect tick-for-tick perfection. It’s the pattern that counts,” he emphasized.
He further noted that the rate of change in “Total Global Liquidity” is set to increase, with the U.S., EU, China, and Japan needing to roll over debts. He described this as an “absurdly bullish backdrop” for cryptocurrencies.
Will Pal’s $100 Trillion Prediction Come True?
Pal’s forecasts follow his previous prediction about the “insane” demand for the blockchain space. He had projected that cryptocurrency would become a $100 trillion asset class over the next 6-8 years.
In May, he suggested that crypto was entering "Phase 2 of the Banana Zone," a period where liquidity increases and prices accelerate after initial consolidation. This phase, according to Pal, represents the last leg of Bitcoin's bull run.
Price Action: At the time of writing, BTC was exchanging hands at $109,637, down 3.21% in the last 24 hours, according to data from Benzinga Pro
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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