Legendary trader Raoul Pal has doubled down forecast for the trio of Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).
Legendary trader Raoul Pal has doubled down forecast for the trio of Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).
How high can Bitcoin fly?
In a YouTube chat with Anthony Scaramucci, Raoul Pal noted that he believes Bitcoin price can end this current cycle with a massive price of $250,000. For reference, Bitcoin price is actively in discovery mode, and just recorded another all-time high (ATH) above $71,000 as optimism around the coin remains.
Despite the $250,000 price target, Raoul Pal is not convinced this is the best the digital currency could do. He noted that the valuation could be higher depending on the trend in the Bitcoin spot ETF ecosystem.
The Bitcoin spot ETF remains the dominant catalyst driving the BTC price to new heights. The daily accumulation of spot Bitcoin ETF issuers, including BlackRock, Fidelity Investments, Ark Invest, and Bitwise, notably exceeded the amount of BTC generated through mining.
While an average of 5,000 BTC to 10,000 BTC is accumulated daily, only around 900 BTC are generated across the board, creating a notable supply shock that could help push the price towards the estimated $250,000 in the long term. .
Ethereum and Solana achieve lofty goals
In addition to the Bitcoin forecast, Raoul Pal projected a rise of $17,000 to $20,000 for Ethereum in this bull cycle, while noting that Solana could jump as high as $700 to $1,000.
While the Ethereum and Solana duo have not retested their respective ATHs at $4,800 and $260 in this ongoing bull run, Raoul Pal has always highlighted their fundamentals as a key catalyst that can drive long-term growth.
Other analysts have even more bullish projections for Bitcoin, as well as Ethereum and Solana, and time will tell how far all three digital currencies will grow in this bull cycle.
