Raoul Pal, a former executive at Goldman Sachs, predicts that a significant uptrend is on the horizon for Bitcoin (BTC) and the entire cryptocurrency market.
During a recent interview with crypto trader Scott Melker, the macro expert highlighted the historical trend of risk assets such as Bitcoin and crypto experiencing rallies in the fourth quarter of a presidential election year.
“The final quarter of an election year is always a wild ride for all assets. It’s a given. So, it’s highly likely that by autumn, things will be soaring. How long before ETH, Bitcoin, and SOL surpass their recent highs? It could be a matter of weeks or months, but once it happens, it will pick up speed.”
Pal previously mentioned that politicians tend to provide stimulus packages during elections, leading to increased inflation and subsequently higher prices for digital assets.
As of now, Bitcoin is valued at $64,500.
Taking a closer look at Solana (SOL), Pal shared a chart indicating that the altcoin is adhering to its diagonal support while trading within a triangle formation.
“If you’re considering adding to your SOL position, now might be a good entry point… let’s wait and see! The bananas are slowly ripening, but they should be ready by autumn.”
A triangle formation is often viewed as a continuation pattern that typically resolves in the direction of the prevailing trend. Based on Pal’s analysis, it appears that SOL is still in an upward trend.
Currently, Solana is priced at $134.72.
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Disclaimer: The opinions expressed on The Daily Hodl are not financial advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that any transfers or trades you make are at your own risk, and you are responsible for any losses incurred. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl participates in affiliate marketing.