Former Goldman Sachs executive Raoul Pal believes a sustained upward trend is coming for Bitcoin (BTC) and the rest of the cryptocurrency market.
In a new interview with cryptocurrency trader Scott Melker, the macro expert noted that historically risky assets like Bitcoin and cryptocurrencies tend to bounce in the fourth quarter of a presidential election year.
“Look, the back-end quarter of an election year is a real banana zone for all assets. That’s always the case. So you know that there’s a very, very, very high chance that everything will be completely ruined come fall.
I mean, how long will it be before ETH, Bitcoin (and) SOL hit their recent highs? It may take about 2 weeks. It could be two months. It doesn’t really matter, but it speeds things up.”
Earlier this year, Pal said politicians tend to “hand out candy” during elections in the form of stimulus packages, which leads to higher inflation and, in turn, higher prices of digital assets.
As of this writing, Bitcoin is worth $64,500.
Taking a closer look at Solana (SOL), Pal shares a chart where the altcoin appears to be respecting diagonal support while trading in a triangle structure.
“If you want to shamelessly replenish your SOL position, this would be a good entry area… Let’s see! The bananas are slowly ripening… I think it will be truly spectacular in the fall.”
A triangle structure is often considered a continuation pattern that tends to resolve in the direction of the prevailing trend. According to Pal’s chart, he seems to be suggesting that SOL is still in an upward trend.
As of this writing, Solana is worth $134.72.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
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