Bitcoin recently broke its previous record, exceeding $71,600, prompted by the approval of spot Bitcoin exchange-traded funds in the US on 11 Jan 2024. In a bold move, Real Vision founder Raul Pal set a bold target of $250,000 for Bitcoin. This bold announcement did not stop there and he also brought Ethereum and Solana to the forefront.
Bitcoin Bold Prediction
Raoul Pal, who is known for his bullish stance on cryptocurrencies, has set an ambitious price target stating that Bitcoin will finish this cycle close to $250k or above. This bold prediction comes in a bullish crypto market, where Bitcoin is already breaking records.
However, Pal’s optimism extends beyond Bitcoin, during the show he shared his optimistic views on Ethereum, predicting a big jump from $15,000 to $20,000. This speculation is based on factors such as Ethereum’s correlation with Bitcoin, expectations of spot Ethereum ETF adoption, and the upcoming Denouement Upgrade.
As of now, the price of ethereum stands at $4030.1 which represents a 2% increase in the last 24 hours and the current market cap is $468.89B.
Solana Hitting $750 to $1000
For Solana, Pal assumes a bull price target of $750 to $1,000. He remains impressed with Solana’s technical prowess and expresses confidence that its operation will generate greater demand for SOL, contributing to further price increases.
Solana’s current price of $147.67 is well above the 20-day simple moving average of $120.69, which crossed the $140 resistance yesterday, but the 24-hour technical indicator for Solana (SOL/USD) is pointing to an uptrend.
Conservative Prediction?
Pal stresses that his projections may be conservative considering the dynamic spot BTC ETF market. As bitcoin faces increased demand from ETF holders amidst a shrinking supply, due to the impending bitcoin halving event, where BTC yields have dropped by 50%.
As Bitcoin enters an active price discovery phase, Raul Pal’s predictions inspire expectations and speculation.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Coinpedia – https://coinpedia.org/price-analysis/bitcoin-poised-to-surge-250k-raoul-pals-bold-prediction-ethereum-solana-in-the-limelight/
