Investor Raoul Pal notes that institutional purchases are storing Bitcoin in cold storage creating a supply squeeze. This will propel BTC price to new highs with a wide gap in demand and supply.
The latest institutional money inflow in the cryptocurrency market has made analysts hopeful for the next Bitcoin rally. Raoul Pal, popular investor and founder of Global Macro Investor, notes that Bitcoin price can touch $150,000 by November 2021, meaning BTC price will nearly 9x from the current levels or surge by over 800%. Interestingly, Pal notes that this is his most conservative target during his interview with CoinTelegraph.Pal further adds that if massive sums of institutional money continue coming to Bitcoin (BTC), the price could also skyrocket to $250,000. Pal also backs his claims saying that the fundamentals of Bitcoin are a lot stronger than the 2017 crypto bubble. The 2017 bull run was all due to the FOMO among retail players with very little institutional participation.Pal also mentions that the entry of big players is sucking up all the additional supply of Bitcoin this year. MicroStrategy bought around 40,000 Bitcoin (BTC) worth $425 million. The Grayscale Bitcoin Trust (GBTC) is holding more than 500,000 BTC worth over $10 billion. Jack Dorsey backed Square Inc has also bought $50 million worth of Bitcoin.Note that all these BTC’s are going to cold storage that will ultimately result in a supply squeeze. Pal notes that this will be the biggest catalyst for the Bitcoin (BTC) price surge. All the macros are playing in favor of Bitcoin, he adds. Pal further that this time its the biggest imbalance in BTC supply and demand ever in history.Raoul Pal and Other Experts Speaking on BitcoinThe news of COVID-19 vaccine arrival has caught fire and market analysts are hopeful of a faster economic recovery next year. Pal notes that despite the recovery, governments will continue to push more money into the economy as stimulus measures. This will ultimately lead to the devaluation of fiat he says.On the other hand, the surge in inflation and the lower interest rates will further fuel the BTC price to new highs. “It’s life-changing. No other assets have an upside of 5x, 10x, in such a short span of time,” he adds.But Raoul Pal is not alone to give such a massive target for Bitcoin. Other market analysts and big players have also stated something similar. Last week, the author of the stock-to-flow model – PlanB – predicted the Bitcoin bull run to resume in January 2021. He also added that the BTC price can skyrocket all the way to $100K next year.JPMorgan analysts also said that Bitcoin (BTC) has turned to be a more preferred asset class than gold.By the way, today is an important day for the crypto community. On this day 3 years ago, Bitcoin managed to go above $10,000 for the first time in its history which was a crucial milestone for its further growth.next Share:
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