Former Goldman Sachs executive Raoul Pal said altcoin market capitalization is on the verge of soaring to an all-time high (ATH).
In a new video update, the Real Vision CEO said digital asset markets could enter a “crypto summer” within a month, when Ethereum (ETH), Solana (SOL), and other alternative cryptocurrencies could stage massive rallies.
“Crypto summer” typically means rising prices, increased trading volume, optimistic market sentiment, more network development, and greater adoption.
“It is very normal for Bitcoin to outperform during the crypto spring, and now as we enter the crypto summer we are transitioning to, ETH is starting to outperform Bitcoin…
Will it outperform Solana? I highly doubt it. Solana is earlier in the adoption curve, which means the rate of change is greater.
We can see a breakout of this pattern and the beginning of the cryptocurrency spring, which was a slight acceleration. This means that we are now experiencing increasingly warmer spring days. But in reality, summer is when market capitalizations hit previous all-time highs and things go completely crazy. So this chart excluding Ethereum (the chart below is for altcoins) is the rest of the space and it is really starting to accelerate and sometime in 2024 we will reach the all-time high market cap for altcoins and this chart will put us in a true banana zone. . .”
Pal also predicts that the cryptocurrency market will experience a “crypto bear” similar to the 2013 and 2017 cycles, when the market bounced higher. Many analysts believe that cryptocurrencies operate in a four-year cycle, with the cycle divided into four seasons of the year to account for the different stages.
“Let’s talk about crypto summer in very simple terms. Here is a seasonal chart: So spring is green. We had a good spring this year. Summer is when big profits start to accrue. Fall was tricky last time. We have stunt cycles. If you remember that double toffee style.
That was very unusual. 2017 and 2013 were typical fall seasons. So we don’t know how this will play out. I think it’s going to be similar to 2013, 2017, but we’re all evaluating the odds as we go along. But this is an easy year, summer.”
Pal predicts that the cryptocurrency summer will begin in the next month to a month and a half.
“Soon as next month, next month and a half, we will start to get into the banana zone. And this is what happens when you reach the banana zone. Things get downright intense. “That’s the really magical part of why this is the best macro trade of all time, and it’s coming.”
Looking at his charts, Pal suggests that Bitcoin (BTC) could soar into the six-figure range during a “crypto summer,” reaching up to $300,000.
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