Raul Pal, a prominent global macro investor, shared his insights on the future trajectory of the crypto market, specifically its trajectory in 2024, in a recent interview. He began the discussion by highlighting the incredible pace of adoption that cryptocurrencies are experiencing and comparing it to rapid growth. His internet speed will be twice as fast. Analysts are predicting a major milestone in the cryptocurrency space, with the number of active wallets expected to surge to 1 billion by the end of 2023 and 4 billion by 2030.
Pal points out that Bitcoin's value has increased rapidly, following a pattern similar to the 2016-2017 bull market boom. He said the long-awaited Bitcoin halving event, expected this week, could push the price further higher. In the past, he explains, after the halving events in 2016 and 2020, Bitcoin's value skyrocketed from a few hundred dollars to tens of thousands of dollars.
Will BTC price reach $200,000 this cycle?
This suggests that if the market cycle continues as before, the halving could have a significant impact on Bitcoin's price. While he acknowledges its importance, he suggests that its real impact is less about being a game changer and more about heralding the beginning of the “summer of cryptocurrencies.”
He further predicted that the price of Bitcoin could rise significantly, predicting it to reach $200,000 by the end of the current cycle. Furthermore, he believes that a full-blown bubble cycle could occur and the price of Bitcoin could rise even higher, reaching over $400,000.
Pal recommends caution with altcoins
He is clear about his crypto predictions for 2024, including an altcoin season where alternative cryptocurrencies will rise. As Bitcoin hits new all-time highs, investors will seek higher returns from altcoins, he said. However, he advises against overexposure to cryptocurrencies.
Pal recommends allocating 90% of your portfolio to fundamental assets like Bitcoin, Ethereum, and Solana for smart investing. By allocating his remaining 10% to high-risk cryptocurrencies, he can make big profits while limiting his losses.
Pal’s bullish outlook on Solana
Pal’s favorite bet for this crypto cycle is Solana, which he selected after moving from Ethereum last year. He is excited about its potential for a surge, similar to the previous cycle. He likens Solana to a superhero, looking for the next big hero in crypto.
Pal also talks about Solana's super-fast validator, Fire Dancer. This can make trading super fast. However, he warns against jumping into risky investments and advises keeping your tokens safe.
