The former macro hedge fund manager Raoul Pal explained in a series of tweets how technical analysis of Bitcoin’s recent price action tells him that the current bull run could “potentially” take the Bitcoin price to one million dollars. Before founding macro-economic and investment strategy research service Global Macro Investor back in 2005, Raoul co-managed the GLG Global Macro Fund in England for global asset management firm GLG Partners. Pal has also worked at Goldman Sachs, where he co-managed the European hedge fund sales business in Equities.
Bitcoin closes above $10,000 amid halvening speculations.
The price of bitcoin reached above the $10,000 on Thursday before retracing to nearly $9,900 at the time of writing. The price of bitcoin has more than doubled since mid-March when the price reached below $4,000. Just a few hours after the price of bitcoin reached above $10,000, Pal took to twitter to explain how the charts are telling him that the current bullish run could “potentially” take the price of the leading cryptocurrency all the way to $1 million.
But Raoul Pal later reiterated his belief that the excessive amount of quantitative easing being done by the world’s central banks has to be positive for Bitcoin, which in contrast is set to undergo halvening in just four days.
Bitcoin rallies before the halvening event
The bitcoin will undergo its third scheduled halvening on May 12, after which the bitcoin mining reward will be reduced by half. Several narrations are going around the bitcoin halvening and how it would impact the price of bitcoin in the coming days. Several BTC whales have claimed that the current bullish BTC run is fake and an organized FOMO. Some claim that big players are playing small traders using the halvening narration. But several analysts believe that bitcoin will continue to maintain positive rally post halvening as well. The mining reward for each block mined is 12.5 BTC, but after the halvening event, the reward would be reduced to 6.25 BTC.
