Former Goldman Sachs Group Inc hedge fund executive Raoul Pal says Bitcoin (BITCOMP) is forming a pattern that could foreshadow a massive rally. Pal, who is currently the CEO of the on-demand financial TV channel Real Vision, said that Bitcoin could blast out of its range sometime between now and early next year.
In a recent tweet, he said that Bitcoin's long-term log chart looks pretty luscious. "Who knows if the wedge breaks on the first attempt, but a consolidation pattern of this magnitude usually leads to a very, very powerful upside move," he said in the tweet.
According to Pal, Bitcoin is forming a huge descending wedge reminiscent of a pattern that formed from 2017 to 2020. When Bitcoin broke out of the technical formation, it ascended to its all-time high above $64,000.
Ethereum (ETH-X) and Bitcoin may break out of their resistance at the top of the wedge and ignite a 100% rally from current levels. He added that the coming months should be "ridiculous" for the crypto markets, including sizable rallies in ETH/BTC.
Last month Pal announced that he might end up selling all his Bitcoin holdings as Ethereum occupies the largest chunk in his portfolio. Pal gave a price target of $250,000 to $400,000 for Bitcoin by March 2022, based on the prospects of an exchange-traded fund and central bank money printing — irrespective of whether that occurs or remains to be purely talk.
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