Bitcoin’s bull run has cooled off, and as a result, the excitement around crypto has died down, at least a little. Nonetheless, former Goldaman Sachs executive Raoul Pal considers it possible for Bitcoin to hit $ 50,000 next month.
Uncertainties Won’t End Bitcoin
It is worth mentioning that, at least in part, the bull run for Bitcoin has cooled off as a result of increased speculation about how the Biden administration will view the crypto market up to the rumors of double spending on the Blockchain.
Thus, this constant stream of uncertainty and fear that the crypto market has experienced over the past few weeks has caused the leading crypto to pull back and sit below its latest high.
In fact, it is that very sentiment that has caused many to doubt the potential of Bitcoin. However, that did not happen with Raoul Pal, who remains bullish.
BTC is ready for another bullish breakout
In this sense, the former executive of Goldman Sachs and current CEO of Real Vision, Raoul Pal, considers that, after a period of consolidation, Bitcoin may be ready to start another breakout.
«It appears that Bitcoin is preparing to scale the wall of FUD fear. Positive seasonality and a good wedge give it a good chance of hitting $ 50,000 in March »he explained on Twitter. Yes, as soon as a month from now.
Even so, the question that persists is whether such a movement is possible and, if we talk about possibility, the answer is yes. However, that does not mean it will happen.
Bear in mind that, previously, Bloomberg has communicated the various projections that point to a Bitcoin at USD 50,000 but for next year.
In Pal’s case, he claims to base his predictions on the stock-to-flow model among other valuation modeling methods, all of which point to a $ 1 million Bitcoin by 2025 or 2026.
Therefore, although there are multiple optimistic projections for the price of Bitcoin, the times in which it manages to reach such levels differ between the projections.
In fact, it is precisely because of this that multiple experts repeat over and over again that Bitcoin is a long-term investment and, therefore, expecting profits in the short is a mistake as a consequence of volatility.
We want to know your opinion! What are your personal projections for the price of Bitcoin in the short, medium and long term? Do you think it is possible that it will reach USD 50,000 in March this year?