Bitcoin to surge $250,000: Raoul Pal’s bold prediction puts Ethereum and Solana in the spotlight
Bitcoin recently broke its previous record of exceeding $71,600 due to the approval of a spot Bitcoin exchange-traded fund in the United States on January 11, 2024. In a bold move, Real Vision founder Raul Pal set a bold target of $250,000 for Bitcoin. This bold announcement didn’t end there, and he also brought Ethereum and Solana to the fore.
Bitcoin Bold Predictions
Raoul Pal, known for his bullish stance on cryptocurrencies, has set an ambitious price target for Bitcoin to finish this cycle close to $250,000 or more. This bold prediction comes amid bullish cryptocurrency markets, with Bitcoin already breaking records.
But Pal’s optimism extends beyond Bitcoin, and on the show he shared his bullish view on Ethereum, predicting a major rise from $15,000 to $20,000. This speculation is based on factors such as the correlation between Ethereum and Bitcoin, expectations for the adoption of spot Ethereum ETFs, and the upcoming final upgrade.
The current price of Ethereum is $4030.1, up 2% in the last 24 hours and its current market capitalization is $468.89 billion.
Solana goes from $750 to $1000
For Solana, Pal assumes a bullish target of $750-$1,000. He was impressed with Solana’s technological prowess and expressed confidence that Solana’s operations would create more 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 yesterday’s resistance of $140, but Solana’s 24-hour technical indicator (SOL/USD) is pointing to an upward trend.
Conservative prediction?
Pal emphasizes that his predictions may be conservative given the dynamic spot BTC ETF market. Due to the Bitcoin halving event, which saw BTC returns decline by 50%, Bitcoin is facing increased demand from ETF holders while supply decreases.
As Bitcoin enters an active price discovery phase, Raul Pal’s prediction sparks anticipation and speculation.